Paramatrix Targets ₹6.3 Mn Recovery from Finnovus, Files Mediation Application

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Paramatrix Technologies Ltd has initiated legal proceedings to recover ₹6.3 million from Finnovus Technologies Pvt Ltd, filing a formal mediation application in July 2025. The move follows a prolonged payment dispute linked to a terminated software development contract.

Key Highlights:

Mediation Filed: Paramatrix has approached the Mumbai Commercial Court under the Arbitration and Conciliation Act, seeking resolution through courtappointed mediation.
Disputed Amount: The ₹6.3 million claim pertains to unpaid invoices for custom software modules delivered to Finnovus between October 2024 and February 2025.
Contract Background: The original agreement involved a multiphase deployment of Paramatrix’s INSIGHT analytics engine for Finnovus’s fintech platform. The deal was terminated prematurely due to alleged scope changes and delays from Finnovus.
Recovery Strategy: Paramatrix aims to resolve the matter amicably but has reserved the right to escalate to arbitration if mediation fails.
Financial Impact: The company has already provisioned the disputed amount in its FY25 accounts and expects no material impact on Q2 FY26 earnings.
Corporate Governance: Paramatrix’s board emphasized its commitment to transparent dispute resolution and protecting shareholder interests.
Market Reaction: Shares of Paramatrix remained stable postannouncement, with analysts viewing the move as a prudent step toward recovering dues without litigation overhead.