Business Daily from THE HINDU group of publications
Thursday, Jul 31, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Thursday, Jul 31, 2008 ePaper | Mobile/PDA Version | Audio |
|
|
|
|
|
Corporate
-
Courts/Legal Issues States - Maharashtra Pune-based promoters win legal battle with German co Our Bureau Pune, July 30 Two Pune-based promoters have won a legal battle with German company Putzmeister AG, with the Delhi High Court ruling that the latter violated Press Notes 1 and 3 of the Union Government when it set up Dynajet Machinery India Pvt Ltd, a wholly owned subsidiary in Goa. The judgment, delivered on July 1, had the Union of India and the promoters of Pune-based Aquarius Engineers Pvt Ltd amongst the respondents in the case. Mr A.V. Dikshit, Director, Aquarius, said that in 1997, Putzmeister had entered into a joint venture with himself and Mr M.S. Bhadbhade to set up Putzmeister India Pvt Ltd to manufacture concrete pumps. The German company held 24 per cent stake in it. In 2005, Putzmeister set up Dynajet, a wholly owned subsidiary operating in the same space, without prior approval from the Indian promoters who filed a writ petition in the Delhi High Court. During this period, the Union Government gave an order that Putzmeister had violated the FDI policy and directed the Reserve Bank to take action. Putzmeister AG and Dynajet challenged the order and filed a writ petition in the High Court. The petitions were heard by the Delhi High Court, and in a judgment dated July 1, upheld the Government’s order, Mr Dikshit said. More Stories on : Courts/Legal Issues | Corporate Disputes | Engineering | Maharashtra
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
 |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2008, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|