Voltas Ltd. — Legal Proceedings Report 2025

Feb 6, 2025

06[th] February, 2025

BSE Limited National Stock Exchange of India Limited

Department of Corporate Services Listing Department Phiroze Jeejeebhoy Towers Exchange Plaza Dalal Street Bandra-Kurla Complex Mumbai 400 001 Bandra (East), Mumbai 400 051 Scrip Code: 500575 NSE Symbol: VOLTAS

Sub: Intimation – update on a Pending Material Litigation as required under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Dear Sirs,

In terms of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Schedule III and SEBI Circular No. SEBI/HO/CFD-PoD-1/P/CIR/2023/123 dated 13[th] July, 2023, an update on a pending material litigation is attached herewith as Annexure A.

Kindly take the same on record.

Thanking you,

Yours faithfully, For Voltas Limited

Digitally signed by RATNESH RATNESH PRASAD PRASAD RUKHARIYAR RUKHARIYAR Date: 2025.02.06 11:57:29 +05'30'

Ratnesh Rukhariyar

Company Secretary and Compliance Officer

Enc.: a/a

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Corporate Management Office

Registered Office Voltas House 'A’ Dr Babasaheb Ambedkar Road Chinchpokli Mumbai 400 033 India Tel 91 22 66656290 66656258 e-mail shareservices@voltas.com website www.voltas.com Corporate Identity Number L29308MH1954PLC009371

Annexure “A”

Disclosures as required under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015

Voltas Limited (Voltas) vs Joint Venture of (1) OHL International, Spain, and (2) Contrack (Cyprus) Limited; and Others

Sr No	Particulars	Details
(a)	**Brief details of litigation **
	(i) Name(s) of the opposing party	Joint Venture of OHL International, Spain, and Contrack (Cyprus) Limited (referred to as “OHLC JV”);andOthers
	(ii) Court/tribunal/agency where litigation is filed	Investment and Trade Court, Doha, Qatar (“QatarCourt”)
	(iii) Brief details of dispute/litigation	As earlier reported on 14thAugust, 2023 and 1stOctober, 2024, Voltas had filed a case against OHLC JV to recover the monies due and payable towards (1) work done; (2) variations; and (3) delays, aggregating QAR 771.632 million (Rs.1754.69 crores approx). In response thereto, OHL International, Spain and Contrack (Cyprus) Limited (together referred to as ‘OHL&C’) made counter claims aggregating Rs. 7384.83 crores including Rs. 6409 crores approx. towards damages. These counter claims were contested by Voltas. OHLC JV had also sent notices to the Bank for liquidation/ encashment of 2 bank guarantees (BGs) aggregating QAR 166.720 million (Rs. 373 crores approx.), earlier issued by Voltas as per the terms of the sub- contract. These BGs are reflected in the Notes to the Financial Statements under the head 'Contingent Liabilities' - Guarantees for terminated contract. As the Bank did not make the payment, OHL&C filed a case against them in Qatar Court. The Qatar Court on September 29, 2024 had held that as OHL&C lacked legal capacity in Qatar to litigate, the suit filed by Voltas and OHL&C, including the claims and counter claims had been dismissed.

Corporate Management Office

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Registered Office Voltas House 'A’ Dr Babasaheb Ambedkar Road Chinchpokli Mumbai 400 033 India Tel 91 22 66656290 66656258 e-mail shareservices@voltas.com website www.voltas.com Corporate Identity Number L29308MH1954PLC009371

		The suit filed by OHL&C against the Bank for not paying the amounts towards BGs (Rs. 373 crores) had also been dismissed. Pursuant to appeals filed by all parties, including Voltas, challenging the dismissal order, the Court of Appeal had set aside the Qatar Court order and instructed them to re- consider the matter afresh. The Qatar Court has recently passed an order and advised the Bank to pay OHL&C QAR 166.720 million towards the encashment of BGs of Voltas together with compensation of QAR 1 million. The claims raised by Voltas have been rejected on the ground that it has been overpaid after considering the cost of repairs, and balance counter claims raised by OHL&C have also been rejected. As there are certain anomalies in the Court Order, the Company is in discussion with local lawyers to challenge the Order by filing an appeal in the Court of Appeal. An English translation of the Order was received by the Company on 5thFebruary, 2025 at 2:47 p.m.
(b)	Expected financial implications, if any, due to compensation, penalty etc	QAR 167.720 million (Rs. 402 crores approx.)
(c)	Quantum of claims,if any	QAR 167.720 million(Rs. 402 crores approx.)

Note: The Conversion of QAR to Indian Rupee is as on relevant dates of the respective events.

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Corporate Management Office

Registered Office Voltas House 'A’ Dr Babasaheb Ambedkar Road Chinchpokli Mumbai 400 033 India Tel 91 22 66656290 66656258 e-mail shareservices@voltas.com website www.voltas.com Corporate Identity Number L29308MH1954PLC009371