Arbitration filing and damages claim involving Prime Meiden Ltd.
First written in FY2018-Q3. 8 of 13 entries say "Restated". Latest entry: FY2024-Q1.
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- FY2024-Q1RestatedAnnual report
「No new business or other risks arose during the three months ended 30 June. There were also no material changes to the business and other risks described in the securities report for the previous fiscal year.」
The company states that there have been no material changes to the existing risks, including the arbitration filing and damages claim involving Prime Meiden Ltd. - FY2022-Q2RestatedAnnual report
「No new business or other risks arose during the six months ended 30 September. There were also no material changes to the business and other risks described in the securities report for the previous fiscal year.」
The company states that there have been no material changes to the existing risks, including the arbitration filing and damages claim involving Prime Meiden Ltd. - FY2021MitigatedAnnual report
「On 15 June 2021, the company received a judgment from the Singapore International Commercial Court dismissing the application. The company believes that the judgment's impact on its results is minor at this time.」
The Singapore International Commercial Court dismissed the application to set aside part of the arbitration award involving Prime Meiden Ltd., reducing the risk related to the damages claim. - FY2021-Q3WorsenedAnnual report
「The company received notice on 29 January 2021 from the Singapore High Court that it had accepted the following application by PML shareholders seeking to set aside part of the arbitration award.」
Although all of the claims in the arbitration were dismissed, PML shareholders filed an application seeking to set aside part of the arbitration award, which the Singapore High Court accepted. The company said it will seek early dismissal of the application. - FY2021-Q2MitigatedAnnual report
「All of the claims made by PML shareholders, namely that the company impaired PML's corporate value and consequently caused losses to its shareholders, among other allegations, and demanding INR 12,597,000,000 (approximately ¥21.7 billion*), were dismissed. Accordingly, the company has no obligation whatsoever to pay damages.」
The company disclosed that the arbitration award involving Prime Meiden Ltd. became final on 24 October 2020 and that all claims were dismissed, meaning no obligation to pay damages arose. - FY2021-Q1RestatedAnnual report
「No new business or other risks arose during the three months ended 30 June. There were also no material changes to the business and other risks described in the securities report for the previous fiscal year.」
The company states that there have been no material changes to the existing risks, including the arbitration filing and damages claim involving Prime Meiden Ltd. - FY2020-Q2RestatedAnnual report
「No new business or other risks arose during the cumulative second quarter of the current consolidated fiscal year. There were also no material changes to the business or other risks described in the annual securities report for the previous fiscal year.」
The company states that there have been no material changes to the existing risks, including the arbitration filing and damages claim involving Prime Meiden Ltd. - FY2020-Q1RestatedAnnual report
「During the cumulative first quarter of the fiscal year, no new business or other risks arose. There were also no significant changes to the business and other risks described in the securities report for the previous fiscal year.」
The company states that there have been no material changes to the existing risks, including the arbitration filing and damages claim involving Prime Meiden Ltd. - FY2019WorsenedAnnual report
「The company has received an arbitration claim demanding INR 13,083 million (approximately ¥20.9 billion, converted at the exchange rate as of the end of March 2019).」
The arbitration claim involving Prime Meiden Ltd. increased from INR 12,597 million to INR 13,083 million. For the full fiscal year, the company also recognized ¥484 million in litigation-related expenses and ¥282 million in damages. - FY2019-Q3RestatedAnnual report
「No new business or other risks arose during the cumulative third quarter of the current consolidated fiscal year. There were also no material changes to the business or other risks described in the annual securities report for the previous fiscal year.」
The company states that there have been no material changes to the risks described in the previous fiscal year, including the arbitration filing and damages claim involving Prime Meiden Ltd. - FY2019-Q1RestatedAnnual report
「During the cumulative first quarter of the fiscal year, no new business or other risks arose. There were also no significant changes to the business and other risks described in the securities report for the previous fiscal year.」
The company states that there have been no material changes to the risks related to the business described in the previous fiscal year, including the arbitration filing involving Prime Meiden Ltd. - FY2018RestatedAnnual report
「The claimant is demanding INR 12,597 million (approximately ¥20.7 billion, converted at the exchange rate as of the end of March 2018), alleging that the company impaired PML's corporate value and consequently caused losses to its shareholders, among other claims.」
The annual disclosure provides further details on the arbitration filing and monetary claim involving Prime Meiden Ltd. The claim is valued at approximately ¥20.7 billion when converted into yen, and the company said it will seek early dismissal under the agreement. - FY2018-Q3First statedAnnual report
「The claimant is demanding INR 12,597,000,000 (approximately ¥21.7 billion), alleging that the company impaired PML's corporate value and consequently caused losses to its shareholders, among other claims.」
An arbitration filing by former parent companies and others has been accepted by the Singapore International Arbitration Centre concerning the purchase of shares in Prime Meiden Limited and the shareholders' agreement, giving rise to a monetary claim of approximately ¥21.7 billion. The company said it will seek early dismissal of the arbitration filing in accordance with the agreement and believes there is currently no impact on consolidated results.