Dolphin offshore Enterprises recently informed the exchanges that ONGC had terminated a contract entered into in 2018.

 

The balance portion of the contract, which has to be completed, will amount to about INR222.32 crore, it said.

 

Besides, ONGC had invoked four personal bank guarantees (PBGs) amounting to INR36.63 crore given in connection with the contract, said Dolphin Offshore. 

 

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.