CJ Holdings North America, LLC has filed a Complaint against Autoline Industries Limited in the Oakland County Circuit Court, State of Michigan, according to the exchange filing.
Autoline Industries had entered into a Settlement Agreement with CJ Holdings on April 18, 2017, for the settlement of a claim for an amount of USD 1,700,000 subject to approval of RBI for payment of the Settlement Amount in tranches.
The Company, post receipt of RBI approval, has paid an amount of $1,230,000 to the Plaintiff, and USD 470,000 is remaining to be paid.
“The Company has already been provided the entire Settlement Amount in its books of accounts,” the Company said in the exchange filing.
The plaintiff claimed an amount of $1,527,617 (including interest and default interest of $1,036,678 and attorney’s fees and cost of $20,939).
The disclosure was made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
