Mercator: DCI’s Appeals Dismissed

Marcator’s TSHD Tridevi Prem

Mercator, one of India’s diversified conglomerates with interests in coal, oil and gas, shipping and dredging, said in its latest release that the Dredging Corporation of India (DCI) had filed an appeal before the courts in London against the arbitration awards of approx. $7 million payable to Mercator by DCI. 

On 25 January 2019, the appeals filed by DCI have been dismissed with costs and the English Court has upheld the awards made in favor of Mercator.

The company is awaiting the written order and will start the process of enforcement and execution of the award, post the receipt of the same.

Mercator had earlier announced that in three separate arbitrations started by the company against DCI under contracts relating to the dredging of Sethusamudram Ship Canal project, the Arbitral Tribunal has passed awards in favor of Mercator, upholding the wrongful deductions made by DCI and awarding damages for wrongful termination by DCI of two of the three contracts.

The awards found that Mercator had not committed any breach of its contracts with DCI and declared that the termination of the two contracts by DCI was “wrongful and illegal”; and further awarded damages to Mercator for the losses suffered as a result of such wrongful termination by DCI.

 

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3rd International Congress Hydraulic Engineering Structures and Dredging

Russia’s leading maritime industry Media Group PortNews (www.portnews.ru) holds a traditional annual Congress “Hydraulic Engineering Structures and Dredging” in Moscow. 

The two-day Congress includes the 7th International Forum of Dredging Companies and the 3rd Technical Conference “Modern Solutions for Hydraulic Engineering”.

Infrastructure development is among the real sources of Russia’s economy growth. Construction of port facilities and new hydraulic engineering structures on the country’s inland waterways constitute an essential part of all infrastructure projects. It is important to take into account the best international practices to implement these projects effectively.

The program of the Congress will be devoted to the latest technologies for dredging and hydraulic engineering works. Speakers and delegates will refer to real projects to discuss specifics features of dredging works, as well as dedicated fleet and equipment involved.

To learn more about event, please, contact the organizing committee: snitko@portnews.ru

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