Havells India Limited has reached a settlement agreement with the HPL Group and its promoters, resolving all pending disputes and litigations regarding the use of the ‘HAVELLS’ mark. As part of the settlement, the HPL Group acknowledges Havells’ rights to the mark since 1971 and will change its corporate names to exclude ‘HAVELLS’. Havells will pay the HPL Group Rs. 129.60 crores as a one-time final settlement.
Settlement Agreement Details
Havells India Limited and the HPL Group have signed a Settlement Agreement to resolve disputes related to the use of the ‘HAVELLS’ mark. This agreement concludes all pending litigations, including suits filed in various courts and special leave petitions in the Supreme Court.
HPL Group’s Acknowledgement
Under the settlement terms, the HPL Group recognizes Havells India Limited’s absolute rights to the ‘HAVELLS’ mark dating back to 1971. The HPL Group has waived all claims to the ‘HAVELLS’ mark and committed not to use or challenge it in any form. The HPL Group will change its corporate names (Havell’s Private Limited and Havells Electronics Private Limited) to exclude the term ‘HAVELLS’.
Financial Settlement
As part of the final settlement, Havells India Limited will pay an amount of Rs. 129.60 crores to the HPL Group.
Source: BSE
