Sterlite Technologies Settles with Data Management Centre for USD 467,400

Broadband technology firm Sterlite Technologies will pay USD 467,400 to the Data Management Centre for dispute settlement. The dispute involved claims of USD 2.7 million in damages filed by the Data Management Centre for delays and failures. The final settlement amount was agreed upon without admission of liability.

Broadband technology firm Sterlite Technologies has decided to settle a dispute with the Data Management Centre by agreeing to pay USD 467,400, as per a regulatory filing on Monday.

The dispute arose from claims by the Data Management Centre, which sought USD 2.7 million in damages for alleged delays and failures by Sterlite Technologies. These claims were lodged with the Singapore International Arbitration Centre.

The settlement agreement, though not an admission of liability, resolves the matter with Sterlite compensating DMC with the agreed amount. On Monday, shares of Sterlite Technologies closed at 131.15 apiece, a decline of 0.3 percent at BSE.

(With inputs from agencies.)