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The Dubai branch of Bank of Baroda has been directed by courts in Dubai to pay a sum of over $103,869 to an Indian company in a bank guarantee case.
The case involving Indian-based company Clutch Durgos, a client of the bank, went through all three courts- First Instance, Appeals and Cassation - and the verdict was the same in all of them, a media report said on Thursday.
On April 28, 1999, the company had requested the bank to open documentary credit for 'Lico Engineers Company' in South Korea, with $240,000 for the latter company provided merchandise, according to the Khaleej Times.
The bank appealed against the above verdict in the Court of Appeal on April 17, 2005, which upheld the verdict and rejected the appeal.