Balaton Power Inc announced that it’s wholly owned subsidiary Continental Resources Limited has entered into an agreement in settlement of the litigation with VISA International Ltd of Kolkata.
Under the terms of the settlement Continental Resources settled all outstanding disputes with VISA and thereby reinstated its agreement dated 15.02.2005 whereby VISA and Continental Resources will establish a corporation in the State of Orissa to jointly develop the Gandhamardan Bauxite Project.
Under the terms of the agreement CRL will receive from VISA incremental cash payments, upon the achievement of certain milestones during the development of the Gandhamardan Bauxite Project. The parties agree to work together in good faith with the Orissa Mining Corporation and its requirements for the ratification of the revised original agreement between Continental Resources and OMC.
The development of Gandhamardan Bauxite Project has been conceived as a joint venture between the Orissa Mining Corporation an Orissa state owned enterprise and Continental Resources and is pending signatures to the revised joint venture agreement between the two entities. The original MOU and JV agreement between Continental Resources and OMC were signed on October 1st 1996 and April 18th 1997 respectively.
(Sourced from www.steelguru.com)
Tuesday, October 6, 2009
Balaton Power settles litigation with VISA International
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