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Lanco clarifies on Perdaman claims

Posted on Jan 10, 07:20PM | IBNS

Lanco Infratech Limited (LITL), a leading integrated infrastructure conglomerate, has clarified that ICICI Bank has no contractual relationship with Australia's Perdaman Chemicals and Fertilisers Pty Ltd (PCFL). "The case being referred to currently is the same case, as was filed against us 19 months back in May-2011 which we believe is baseless and will be decided in our favor very soon," said an official statement issued by Lanco on Thursday.

"The current attempt of going against ICICI Bank is another desperate attempt of greenmail in frustration and this action against one of the most reputed institution of India, will further damage Perdaman's credibility and future prospects."

"As per the information with us, the case against ICICI Bank has not yet been admitted by court and as said above it is another baseless case and an attempt of greenmail.

"Perdaman started litigation with us in May-11, to damage our reputation. And in the last 19 months Perdaman has almost lost its confidence of winning this case, which will be decided against them shortly," Lanco said.

"Their approach on the trial with us has been to delay the process. Lanco is certain to put an end to all Perdaman's tactics and in the trial and their case will be dismissed," said the company.