Dolphin Offshore Enterprises on Friday informed the exchanges that ONGC on March 24 had terminated a contract entered into in 2018. The balance portion of the contract, which has to be completed, will amount to about ₹222.32 crore, it said.
Besides, ONGC had invoked four personal bank guarantees (PBGs) amounting to ₹36.63 crore given in connection with the contract, said Dolphin. The company is of the opinion that the termination of contract and invocation of PBGs are “illegal and, therefore, appropriate legal action will be initiated against ONGC as per the provision of the contract,” it said in the notice.
