Karachi: Siddiqsons Tin Plate Limited (STPL) has encountered a legal defeat in Singapore, where the High Court dismissed its application to set aside an arbitration award related to a dispute with New Metallurgy Hi-Tech Group Co. Ltd. (NMHG). This decision, rendered on August 28, 2024, also includes a S$35,000 cost order against STPL.

The legal proceedings stem from a prior dispute between STPL and NMHG, which was initially adjudicated by the Singapore International Arbitration Centre (SIAC). Dissatisfied with SIAC's decision, STPL pursued an application with the Singapore High Court under case number HC/OA 8(19/21)22, seeking to overturn the arbitration award.

According to information available from the Pakistan Stock Exchange (PSX), the ruling by the Singapore High Court marks a critical juncture for STPL, particularly with the imposition of legal costs. The company retains the option to appeal this decision under the Singapore Rules of Court 2021, with a deadline set for September 25, 2024.

The board of Siddiqsons Tin Plate is currently deliberating on the implications of this legal outcome and planning their next steps. The company has committed to keeping the Exchange, and by extension, the TRE Certificate Holders, informed of any significant decisions or actions that will be taken in response to this setback.