Lord Hoffman's Tribunal in Singapore said the concession agreement was valid and binding and was not void for any mistake of law or discharged by frustration, according to an exchange filing by the GMR Group.
GMR Infrastructure today said it won arbitration proceedings in the Male airport case and the tribunal has asked the Maldivian government and airport company are liable to pay damages and USD 4 million in legal costs to GMR.
Lord Hoffman's Tribunal in Singapore said the concession agreement was valid and binding and was not void for any mistake of law or discharged by frustration, according to an exchange filing by the GMR Group.
The Maldives government and Male International Airport Company are jointly liable to pay damages to GMR for loss caused by wrongful repudiation of the agreement to modernize and operate the Ibrahim Nasir International Airport in 2010.
The USD 500 million contract was unilaterally terminated by the Maldives and it initiated arbitration proceedings, seeking a declaration that the concession agreement was void ab initio on November 29, 2012. GMR disputed the termination.
"It has always been our firm belief that the cancellation of our concession agreement amounted to wrongful repudiation by the government of Maldives and the Tribunal has upheld this stand," GMR said in the filing.
GMR had sought damages worth as much as USD 1.4 billion from the Male authorities and said that it is pressing ahead with the claim. The Maldives government and airport company have to pay USD 4 million by way of costs within 42 days, according to the filing.
The tribunal, which issued its award after 18 months of proceedings, said Male and the Maldives Airport Company repudiated the concession agreement by their notices to GMIAL (GMR Male International Airport Ltd) on November 29, 2012, and the repudiation was accepted by GMIAL.
It said the collection of airport development charges and insurance surcharge, as allowed in the concession agreement, was lawful under the Maldivian laws.
The GMR Group has interests in airports (Delhi, Hyderabad and the Philippines) energy, highways, and urban infrastructure.
GMR Infra stock price
On June 20, 2014, at 09:25 hrs GMR Infrastructure was quoting at Rs 33.20, up Rs 0.35, or 1.07 percent. The 52-week high of the share was Rs 38.30 and the 52-week low was Rs 10.65.
The company's trailing 12-month (TTM) EPS was at Rs 0.43 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 77.21. The latest book value of the company is Rs 18.89 per share. At current value, the price-to-book value of the company is 1.76.
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