Forbes & Co to pay Rs 153 crore to Videocon Reality for settlement of dispute

Shapoorji Pallonji group firm Forbes & Company Monday said it has resolved its disputes with Videocon Realty and Infrastructure Ltd (VRIL) over Vicinia project through arbitration mechanism. "We would like to inform that our disputes with Videocon Realty and Infrastructure Limited (VRIL) in respect of Project Vicinia has been resolved through arbitration mechanism," Forbes & Company said in a regulatory filing.

As part of the resolution, Forbes will pay Rs 153 crore to VRIL which would then have no rights or interests in the Vicinia project, "This would not in any manner affect or prejudice the buyers of the flats in the Project Vicinia," it added.