Macrotech Developers in a statement confirmed that the company has filed a suit in Bombay High Court against House of Abhinandan Lodha (HoABL), run by Abhinandan Lodha and entities, alleging infringement of trademarks.
The listed real estate developer said in a statement that Abhinandan Lodha and entities are creating confusion in consumer’s minds with respect to their association with the 'Lodha' and 'Lodha Group' brand identity. The issue has been raised by several customers as well, the company statement added.
Consequently, to protect the Intellectual Property, and to ensure no other developer creates confusion of being similar to the Macrotech brand, the company has sought appropriate injunctions, reliefs, and damages.
"Our shareholders include the world's most renowned investors and one of India's largest charitable entities - we are duty bound to protect our Company's valuable rights," said the company.
Moneycontrol had accessed the petition by Abhishek Lodha on January 20, where the high court asked to restrain Abhidandan Lodha from selling, advertising or marketing same goods or services offered by Macrotech.
The fall in Macrotech's share on January 22 coincided with a wider selling in real estate stocks, after reports emerged that CEO Abhishek Lodha had moved a lawsuit in Bombay High Court against younger brother Abhidandan Lodha.
Macrotech added that the Lodha brand has a 'high value' in the real estate industry and has been built with substantial investment and effort over 40 years. However, HoABL is marketing their business in a manner that is 'deceptively similar' and identical to Macrotech's 'Lodha' brand name, the company said. "We have been approached by numerous customers in relation to their issues / queries with HoABL, evidencing the deliberate confusion being created amongst stakeholders through HoABL’s marketing & communication," Macrotech added.
Macrotech Developers is listed real estate developer with presence in Mumbai Metropolitan Region, Pune and Bengaluru, and a market capitalisation of over Rs 1 lakh crore. The board of Macrotech Developers will consider December quarter results on Saturday, January 25, and speak to analysts on January 27.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
