Financial Daily from THE HINDU group of publications
Friday, Mar 04, 2005
Financial Daily from THE HINDU group of publications Friday, Mar 04, 2005 |
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Corporate
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Courts/Legal Issues Marketing - IPR HC orders status quo over trademark, brand in Shaw Wallace case Our Legal Correspondent
Kolkata , March 3 MR JUSTICE K.J. Sengupta of the Calcutta High Court on Wednesday passed an order for maintenance of status quo regarding trademark and brand belonging to Shaw Wallace Co Ltd (SWC). The court, however, directed that money receivable from the trademark and brand shall be kept in a separate account by SWC. By this order, the process of transferring of SWC assets will stay affected. Earlier, Visisth Chay Vyapar Ltd, a R.R. Modi company, filed an execution petition for recovery of Rs 44 crore from SWC. Counsel of SWC made a statement before the court that SWC was not going to sell any share of the subsidiary companies. In the petition, Visisth Chay alleged that SWC is in the process of disposing of its assets and properties systematically. It was further alleged by Visisth Chay that apart from transferring its assets and properties, SWC has also started taking steps for transfer of its brand and trademark to others. It was argued by Visisth Chay that if trademark and brand are transferred to others, the case pertaining to the decree of Rs 44 crore is likely to be frustrated, as these trademarks constitute valuable assets of SWC.
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