Epack Durables has initiated legal proceedings against Gangnam Steel Retail, formerly known as Gangnam Street Retail, over alleged non-payment of dues amounting to ₹19.61 crore, the company disclosed in a regulatory filing on December 24.
The complaint has been lodged with the Deputy Commissioner of Police, Economic Offences Wing (EOW), New Delhi. According to the filing, Epack Durables has alleged financial misrepresentation and failure to pay for goods supplied by Gangnam Steel Retail. The total claim involved in the matter stands at ₹19.61 crore. The company clarified that, at this stage, there are no expected financial implications in terms of penalties or compensation.
The decision to initiate legal action was approved by Epack Durables’ board of directors at its meeting held on December 23.
Separately, the board also approved the setting up of an additional manufacturing facility in Bhiwadi, Rajasthan, citing space constraints at its existing unit in the region. The new facility will be used for manufacturing air coolers. However, the company clarified that this does not involve any capacity expansion, as the existing air cooler production lines will be shifted from the current Bhiwadi plant to the new location within the same area.
To facilitate the new manufacturing unit, the board has also approved leasing suitable land in Bhiwadi.
In terms of stock performance, Epack Durables shares were trading flat in early trade. The stock has gained over 6% in the past one month but remains down more than 51% so far in 2025.
Disclaimer:
This article is for informational purposes only and does not constitute legal or investment advice.
