Simon Bryan QC and Edward Brown successfully acted for Castex Technologies, listed on the Indian stock exchange, in a Commercial Court dispute regarding notice obligations under its US$70 million bond issue. The Commercial Court (Burton J) determined a preliminary issue as to whether notice obligations in respect of mandatory conversion notices issued pursuant to the bonds had been complied with. Burton J found in favour of Castex, rejected allegations that the conversion notices were defective under the terms of the bonds. Further issues remain for determination. Other sets of claims have been brought by bondholders regarding mandatory conversion notices issued pursuant to the bonds. Simon and Edward continue to act in respect of the issues in these actions and further actions brought under separate bond issues.
Simon and Edward were instructed by Mark Buckley of Fladgate LLP. The decision is available here.
