State-run power equipment maker Bharat Heavy Electricals is facing as many as 163 civil and criminal proceedings, including those related to bank guarantee and recovery of money.
BHEL was facing 144 civil and 19 criminal cases, among other litigations, as on September 15. According to the company's draft document for the proposed disinvestment of 5 per cent stake by the government, the aggregate value of the 144 civil cases is estimated to be worth about Rs 145.23 crore.
"We are presently involved in 19 criminal proceedings which have been filed against us in various forums," the draft document said. "There are 144 civil proceedings against the company and the aggregate monetary value of these proceedings is approximately Rs 1,452.32 million (Rs 145.23 crore). The cases primarily relate to recovery of money, injunction suits, bank guarantees and insurance...," it added. Meanwhile, BHEL has initiated three criminal cases and 125 civil proceedings -- whose aggregate monetary value about Rs 188.39 crore.