Indian auto parts manufacturer Varroc has received an enforcement award enforced by the Eastern Caribbean Supreme Court, British Virgin Islands in connection with the enforcement proceedings initiated by the company against Beste Motors Co. Ltd., and Varroc TYC Corporation, for implementation of the ICC Singapore award dated December 11, 2024.
The final copy of the Award was received on April 16, 2025, Varroc informed in a regulatory filing.
ICC Singapore had passed an award dated December 11, 2025 under arbitration arising out of TYC’s breaches of the shareholders’ agreement dated January 29, 2013 and the articles of association of their joint venture companies with the name of Varroc TYC Auto Lamps Co. Ltd., Changzhou, and Varroc TYC Auto Lamps Co. Ltd., Chongqing.
"Varroc had initiated enforcement proceedings in Eastern Caribbean Supreme Court, British Virgin Islands (BVI Court) for the enforcement of the ICC Award and the BVI Court has passed the present order enforcing the same" Varroc informed in its filing.
The BVI Award states that VarrocCorp Holding B.V., Netherlands (wholly owned subsidiary of Varroc) shall transfer its 50% shareholding in Varroc TYC Corporation, (and consequently, its interest in the JV subsidiaries) to Beste Motors Co. Ltd., British Virgin Islands, for a consideration of RMB 310.5 million ($ 43 million) less applicable withholding tax, within 28 days of the date of enforcement award. Additionally, Varroc is entitled to recover legal costs incurred during the enforcement proceedings.
The ruling effectively ends a years-long dispute that disrupted one of Varroc’s key international partnerships in the Chinese automotive lighting segment.