Varroc Engineering Limited has provided an update on an outstanding claim initiated by its step-down subsidiary, Varroc Electronics Romania S.R.L. The claim, against Opmobility Lighting Holding, seeks recovery of approximately EUR 67 million plus other costs. The matters are in the preliminary stages, with procedural steps for withdrawal and fresh proceedings being initiated before the Paris Commercial Court.
Legal Dispute Update
Varroc Engineering Limited has issued an update concerning a legal dispute initiated by its step-down subsidiary, Varroc Electronics Romania S.R.L. (VeR), against Opmobility Lighting Holding (OP Mobility), a French private limited liability company.
Claim Details and Proceedings
The dispute arises from a Supply Agreement executed between VeR and OP Mobility. Initially, VeR filed a claim against OP Mobility before the Paris Commercial Court. In continuation of previous disclosures, VeR has initiated procedural steps for withdrawal in connection with pending appeal proceedings. Concurrently, fresh proceedings have been commenced before the Paris Commercial Court against OP Mobility and certain of its subsidiaries, seeking recovery of approximately EUR 67 million, plus other costs.
Current Status and Implications
The matters are currently at a preliminary stage, with notices in the process of being served on OP Mobility. The financial implications, if any, will be determined based on the outcome of these ongoing proceedings. Varroc Engineering has stated that any further developments will be communicated to the stock exchanges in due course. The information has also been placed on the company’s website.
Opposing Party Information
Opmobility Lighting Holding is a private limited liability company incorporated under the laws of France. It is registered with the Commercial and Companies Registry of Lyon under no. 908 521 651 and has its registered offices at 19, boulevard Jules Carteret, 69007 Lyon, France, including its subsidiaries.
Source: BSE
