Siddiqsons Tin Plate appeals S$35,000 cost order in Singapore legal battle

By MG News | Category Equity | September 26, 2024 at 03:52 PM GMT+05:00

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September 26, 2024 (MLN): Siddiqsons Tin Plate Limited (PSX: STPL) has informed the Pakistan Stock Exchange today that it has filed an appeal in the Supreme Court of Singapore against order of the Singapore High Court dated August 28, 2024.

Previously, in the matter of the dispute between STPL and New Metallurgy Hi-Tech Group Co. Ltd. (NMHC), an award was rendered by the Singapore International Arbitration Centre.

Being dissatisfied with the award, STPL had tiled an Application to Set Aside the Award before the Singapore High Court having case No. FIC/OA 809/2022 (OA 809).

Accordingly, an oral hearing was carried out in OA 809 on August 28, 2024, where the Singapore High Court dismissed the application and ordered costs of S$35,000 to be paid hr STPL to NMHG.

It is pertinent to mention that considering its right to file an appeal against the aforementioned order under the Singapore Rules of Court 2021, STPL has taken this action.

The board, at present, is considering/ deliberating on the above developments to determine the next course of action. Once a decision has been taken, the Exchange will be notified promptly.

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