25 Jan 2010 10:30
25 January 2010
EIH Plc (the "Company" or "EIH" )
Update on legal proceedings to recover amounts owed to the Company by Katra Holdings Limited
On 28 October 2009 the Company announced that it had been successful in obtaining a judgment by the Supreme Court of the State of New York, County of New York (the "Judgment") against Mr Ramesh Vangal in the sum of $4,153,118.49 (an amount which reflects an inclusion of accrued interest). The legal proceedings against Mr Ramesh Vangal had been brought by the Company to enforce the personal guarantee provided by him in respect of the $2.5 million loan made by the Company to the Mauritian-incorporated Katra Holdings Limited (the "Katra Loan").
Since that announcement the Company has sought to enforce the Judgment and also announces that it has commenced legal proceedings in Singapore against both Katra Holdings Limited and Mr Ramesh Vangal and in Mauritius against Katra Holdings Limited only.
William Knight (Chairman) commented:
"Although the Judgment has been awarded in favour of EIH, Katra Holdings Limited and Mr Ramesh Vangal continue to fail to pay all or any of the amount owed to the Company pursuant to the Katra Loan. There will be no let up therefore in our and our advisers' efforts to recover in full, the amounts owed to the Company."
Contacts:
EIH Plc
William Knight + 44 (0)20 7221 3900
Seymour Pierce (Nominated Adviser and Joint Broker)
Nandita Sahgal, Director + 44 (0)20 7107 8000
Singer Capital Markets Limited (Joint Broker)
Jos Trusted +44 (0)20 3205 7500
EIH.L (EIH)