Tuesday, July 27, 2021
HomeBusinessOracle FSS subsidiary asked to pay Rs 80 crore to vendor

Oracle FSS subsidiary asked to pay Rs 80 crore to vendor

IT firm Oracle Financial Services Software (OFSS) on Thursday said an arbitrator has passed an award amounting to Rs. 80.4 crore against one of its subsidiaries.

The firm, which provides IT products to the financial services industry, said the arbitrator erred in his assessment and ruling and therefore it will defend its position, OFSS said in a filing to the BSE.

“…in an arbitration proceeding between one of the company’s subsidiaries and one of its vendors, an award has been passed by the arbitrator against the company’s subsidiary for a sum of about Rs 804 million inclusive of interest,” the filing said.

It added that the company believes the arbitrator erred in his assessment and ruling, and therefore “the company will vigorously defend its position by taking all necessary steps available under law”.

The filing did not provide any further the details of the case.

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