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May 02, 2011, 05.57 PM IST
Usha Lexus is a household name in the home appliances space, but what was not widely known was the decade long trademark dispute surrounding the brand. CNBC-TV18 learns that the dispute has now been settled between Usha International and the Dongre Group, reports CNBC-TV18's Ashwin Mohan.
Sources said that there are 2-3 contours of this settlement. Firstly, Usha International Limited will buy out three brands namely Usha, Usha Shriram and Lexus for an aggregate value of Rs 75 crore from the Chinar Trust. It is a trust in which all these three brands were originally residing. The Usha International Limited had a 60% beneficial interest in this trust and the other party that’s the Dongre Group had a 4 0% beneficial interest in this trust. Post the settlement, the Dongre Group will now own 100% beneficial interest in the trust.
Another contour of the settlement is that both the parties have agreed to sign a compromise deal that has been submitted to the courts to withdraw all the cases that were being fought for so many years. These cases were being fought at the Delhi High Court and also at a District Court in Delhi and they mainly revolved around the original ownership of these three brands, as well as the management of the trust.
Now in terms of official responses, Usha International Limited has said that they have finally cleared control over these three brands, as well as the manufacturing of the household appliances and they also say that they expect to double the revenues from the appliances business in the next 1 year.
Dongre Group, however, could not be reached for comment.
It is also learnt that this long awaited deal was struck by Delhi based advocate Atul Dua.
Also watch the accompanying video.
Tags: Usha Lexus, home appliances space, Dongre Group, Atul Dua, Usha International Limited , Usha, Usha Shriram, Lexus, Chinar Trust
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