Bliss GVS Pharma invokes arbitration proceedings against Pan Pharmaceuticals, Kenya

Bliss GVS Pharma had invoked arbitration proceedings against Pan Pharmaceuticals (Nairobi, Kenya) for recovery of its outstanding dues by way of filing a petition seeking appointment of an arbitrator before the Supreme Court of India.

The expected recovery arising from the aforementioned arbitration proceedings is estimated at USD 1.69 million. Furthermore, the Company has proactively made appropriate provisions in its books of accounts for the amount recoverable from Pan Pharmaceuticals, thereby ensuring minimal or no adverse financial impact. The quantum of claim will depend upon the outcome of the arbitrating authority.