By BS Reporter
The dispute between Indian business group TTK Group and UK-based New Bridge Holdings BV, a step-down subsidiary of Reckitt Benckiser Group Plc, related to the control of their joint venture company, TTK-LIG Ltd, is expected to appear before the Supreme Court for hearing on September 10. Some kind of settlement is expected to come up, said an official from TTK Group.
J Srinivasan, mentor director, TTK Group, said: “The matter is appearing on September 10 and some kind of settlement is expected. You have to wait till the Supreme Court decides on the matter.” He refused to comment further.
It may be noted that in the beginning of August, the Madras High Court had ordered the appointment of an administrator, replacing the board of directors of TTK-LIG Ltd, in the legal battle between the partners to control TTK-LIG, makers of condom brands Durex and Kohinoor. The dispute was then taken up in the Supreme Court, which led the companies into discussions for negotiation and settlement, according to sources close to the development.
Earlier in June, the Madras High Court had also issued an order restraining TTK-LIG from selling contraceptives abroad to any company other than the joint venture partner. However, on an appeal against this order, the division bench of the Madras High Court stated the company could sell contraceptives in the domestic market.
The dispute earlier appeared before the Company Law Board (CLB) in the first half of 2011 with the foreign partner filing a complaint against the Indian partner. The CLB issued its order in July 2011, which led the battle to take place in the High Court and finally in the Supreme Court.