After filing a $3.5-billion lawsuit, Australia's Perdaman Industries has again moved the court against Lanco Infratech seeking a restraint on the Indian major from mortgaging of Griffin Coal in future.
The multinational's injunction application filed on June 29 in an Australian court, comes after the $3.5-billion (Rs 16,600 crore) lawsuit against Lanco alleging non-compliance with coal supply pact for Perdaman's upcoming urea plant in Western Australia. “Perdaman applied for an injunction to not allow any future mortgages on Griffin Coal unless 10 days written notice is given to Perdaman,” Perdaman Chemicals and Fertilisers Pty Ltd's Director (Corporate), Mr Andreas Walewski, told PTI.
An injunction generally refers to a court order that restrains a particular party from doing certain things.
Perdaman Chemicals and Fertilisers, whose parent company is Perdaman Industries, has filed the lawsuit as well as the injunction application against Lanco.
Lanco had acquired Griffin for A$730 million in March this year.
“We requested Griffin Coal and Lanco Infratech to produce the documents – which includes negative pledge documents and financial documents,” Mr Walewski added.
“Lanco and Griffin have a negative pledge deed, which is not known to Perdaman. Therefore, Perdaman applied for injunction to stop mortgage on the property and procure the documents,” he noted.
The hearing of the injunction application, at the Supreme Court of Western Australia, is scheduled for Thursday, Mr Walewski added.
Griffin Coal mine has a resource base of over 1 billion tonnes and the referred contract with Perdaman is approximately for 2.75 million tonnes a year.
Lanco's response
Our Hyderabad Bureau reports: Reacting to the Perdaman Industries' petition, Mr K. Naga Prasad, Chief Executive, Business Development, Lanco Infratech, said “the matter is sub-judice and we will take appropriate measures and contest the petition.”
“While we would prefer against making comments on all these developments as it is sub-judice, we would also request the Supreme Court down under to refrain the Perdaman officials or anyone of their representatives from making any comments outside to media when the matter is being under consideration in the Court.”
“We are in the process of filing our response and contesting the matter,” he said.