Epack Durables has initiated legal proceedings against Gangnam Steel Retail, formerly known as Gangnam Street Retail, for alleged non-payment of dues amounting to Rs 19.61 crore, the company said in a regulatory filing on Tuesday.
The complaint has been filed with the Deputy Commissioner of Police, Economic Offences Wing (EOW), New Delhi. According to the disclosure, Epack has alleged financial misrepresentation and non-payment by Gangnam for goods supplied by the company. The total quantum of the claim stands at Rs 19.61 crore. The company said there are no expected financial implications in terms of penalties or compensation at this stage.
The decision to initiate legal action was approved by Epack Durables’ board of directors at its meeting held on December 23.
Board clears additional Bhiwadi manufacturing unit
The board also approved the setting up of another manufacturing facility in Bhiwadi, Rajasthan, citing space constraints at the company’s existing plant in the region.
The new unit will handle the production of air coolers. However, the company clarified that the move does not involve any capacity addition. Instead, existing air cooler production lines will be relocated from the current Bhiwadi facility to the new location within Bhiwadi.
To support the expansion, the board has also approved taking suitable land on lease for the new manufacturing unit.
Epack Durable share price
Epack Durables’ share price is flat in early trade. The stock is up over 6.24% in the last 1 month. However, it is down over 51.85 % in 2025 so far.