Shares of Elecon Engineering Company were locked at 10 percent upper circuit on September 5 after the company won an arbitration award against BGR Energy Systems.
Arbitral Tribunal has passed the awards in favour of the company aggregating to Rs 37.57 crore plus interest from the date of award till their realization, as per company release.
The tribunal further directed BGR Energy Systems to return the bank guarantees as submitted by the company.
There were pending buy orders of 3,001 shares, with no sellers available.
The company had initiated arbitration proceedings before the Arbitral Tribunal at Chennai against BGR Energy Systems for recovery of various dues to the company.
At 0924 hrs, Elecon Engineering Company was quoting at Rs 33.25, up Rs 3, or 9.92 percent on the BSE.
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