Indian dye company Kiri Industries has expressed full confidence in the Singapore International Commercial Court's (SICC) decision and hopes its China-linked partner would honour the "final outcome" of an 8-year old dispute.
Kiri, a minority shareholder in Dystar, initiated a legal battle in 2015 against Senda, a subsidiary of China's largest dye firm Longsheng and Dystar's majority shareholder, accusing it of minority oppression through various actions in Singapore High Court.
In 2017, the suit was transferred to the SICC due to its international elements and in 2018, the court issued its judgement for the case, stating they accepted most of the instances of commercial unfairness raised by Kiri.
"We are delighted with how our suits have progressed through Singapore's courts to achieve a just outcome," said Manish Kiri, Chairman & Managing Director, Kiri Industries Limited.
On March 3, 2023, the SICC delivered the final valuation of stake in Kiri's joint venture company DyStar Global Holdings (Singapore) Pte Ltd.
The SICC increased Kiri's share valuation to USD 603.8 million from an earlier judgement of USD 481.6 million, acknowledging the extent of oppression suffered by the Indian dye company as a result of Senda International Capital's actions, Kiri Industry said in a statement.
The court has ordered Senda to purchase Kiri's 37.57 per cent shareholding in DyStar.
Senda's payment to Kiri of costs as well as the judgement order is still outstanding, and the Supreme Court of Singapore's Sheriff's Office has issued notices for the seizing of securities.
The SICC judgement on the buyout agreement between Kiri and Senda has come amid reports that Chinese and Indian regulators are vetting all acquisitions of corporate stakes on both sides.
PTI reported on March 17 that China's financial market regulators are monitoring the over valuation of India-listed companies which have business dealings with Chinese-origin firms in Asia.
"...the honouring of the buyout agreement by Senda is essential in fostering trust between Indian and Chinese businesses. As trade between two countries grows, companies must consistently demonstrate ethical business practices and fair treatment of all stakeholders, which is foundational to doing business globally," Kiri Industries said in its latest statement.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve hit your limit of {{free_limit}} free articles this month, subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Months/month
Smart Essential
₹2,700
1 Year
₹225/Months/month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Unlimited access to all articles
30+ premium stories daily, handpicked by our editor


Complimentary Access to The New York Times
News, Games, Cooking, Audio
Wirecutter & The Athletic
Complimentary Access to Our e-Paper
Digital replica of our daily newspaper
Read, save, share any article


Curated Newsletters on Diverse Topics
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Smart Investment Tips
In-depth stock analysis & insights
The Smart Investor for wealth growth tips


Access to Extensive Historical Archives
Repository of articles and publications dating back to 1997
Ad-free Reading Experience
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Repository of articles and publications dating back to 1997