Williamson Magor Group faces fresh financial woes after Rs 508cr arbitral award against 2 cos

Kolkata, Oct 9 (PTI) The debt-laden Williamson Magor Group has come under renewed financial stress, after at least two of its listed entities – McLeod Russel India Ltd and Williamson Financial Services Ltd – said they received arbitral awards in connection with disputes arising from a 2017 facility agreement involving certain promoters.

In a regulatory filing on Thursday, McLeod Russel said an International Chamber of Commerce (ICC) Arbitral Tribunal has passed a final award dated September 29, directing the company and other parties to jointly and severally pay Rs 508.95 crore to Real Touch Finance Ltd and IDBI Trusteeship Services Ltd, the claimants in the case.

The tribunal also ordered the payment of USD 564,600 and Rs 20.23 lakh towards costs.

The company received a courtesy copy of the award on Thursday, it informed the bourses.

Williamson Financial Services Ltd, another group entity, separately disclosed receipt of a similar arbitral award linked to the same facility agreement.

The filing doesn't clarify the impact on specific listed entities.

Both companies said they were reviewing the matter and evaluating future steps.

The Group has been battling debt restructuring issues and promoter-level disputes for the past few years. PTI BSM RBT