Corporate News     18-Dec-19
Orient Electric initiates legal action for recovery of dues from customers
Orient Electric announced that the company had supplied goods to Orient General Agencies (Bombay) (OGA) through Alco Logistics (Alco) for an amount over Rs. 14 crore invoiced during the period May 2017 to November 2017 and January 2019 to April 2019.

The Company had several rounds of deliberations with OGA and Alco over the past one year, which did not result in recovery of outstanding till date. The Company has therefore initiated legal actions for recovery of outstanding amount along with interest and damages by filing suits / complaints jointly and / or individually, against OGA, Alco and their erstwhile directors. For financial prudence the Company has already taken appropriate provisions of the aforesaid outstanding amount in its books of accounts in previous reporting periods.

Previous News
  Orient Electric fixes record date for interim dividend
 ( Market Beat - Reports 28-Jan-20   16:52 )
  Orient Electric reports standalone net loss of Rs 27.29 crore in the June 2020 quarter
 ( Results - Announcements 27-Jul-20   14:32 )
  Orient Electric standalone net profit declines 48.01% in the March 2024 quarter
 ( Results - Announcements 09-May-24   15:41 )
  Board of Orient Electric appoints MD and CEO
 ( Corporate News - 31-Mar-23   18:44 )
  Orient Electric MD & CEO resigns
 ( Corporate News - 31-Mar-23   18:43 )
  Orient Electric standalone net profit rises 61.99% in the December 2019 quarter
 ( Results - Announcements 28-Jan-20   16:58 )
  Orient Electric reports standalone net profit of Rs 18.45 crore in the September 2023 quarter
 ( Results - Announcements 03-Nov-23   14:15 )
  Board of Orient Electric recommends interim dividend
 ( Corporate News - 28-Jan-20   17:44 )
  Orient Electric to conduct board meeting
 ( Corporate News - 23-Jul-21   10:17 )
  Orient Electric standalone net profit declines 14.50% in the December 2022 quarter
 ( Results - Announcements 31-Jan-23   07:40 )
  Orient Electric to convene board meeting
 ( Corporate News - 22-Jan-20   10:56 )
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