Arbitration Panel, London pronounces win for Mahindra and Mahindra over Global Vehicles
Subscribe to NewsletterPlease fill your name and email ID to get our daily auto news mailer.
Mahindra and Mahindra Limited (M&M), the country's leading Utility Vehicle (UV) maker, came out victorious, after the final verdict on the company's legal disputes with its US distributor Global Vehicles came through in London.
Commenting about the victory in legal proceedings on its official website, the company said, “Mahindra can now report that it has prevailed in all aspects of the English proceedings...All of Global Vehicles' attempts to attack the arbitration award have failed. In addition Global Vehicles' now faces substantial costs liabilities. The arbitration award may now be enforced as a Judgement of the English Court and in over 130 jurisdictions worldwide, including the United States.” However, the company refrained from commenting on the Global Vehicles, as no such statement appeared on their website.
Reportedly, during the hearing on July 27, 2012, the English Court had ordered Global Vehicles to pay a security sum to M&M, because of its protest against the arbitration award by August 12, 2012. The Indian firm has affirmed that the legal proceedings have ended and said, “At a hearing on September 5 the English Court dismissed Global Vehicles' request that arbitration award not be converted into a court judgement. Global Vehicles failed to do so and its challenge was therefore dismissed.”
Earlier on July 9, 2012 the English Court accorded with the argument of M&M and affirmed that the appeal by its US based distributor Global vehicles was baseless and futile. According to the website of the Indian company, the final decision was awaited for more than four months regarding the arbitration award. Further, in March 2012, an international arbitration panel in London had ordered the Global Vehicles to award M&M with $ 2 million in securities.
Evidently, M&M partnered with Global Vehicles as its one and only distributor of automotives for the US market on September 28, 2006. The Indian UV manufacturer forayed into the US market in 2008-09 but ran into some trouble with Global Vehicles over the launch of its pick-up truck based on the platform of Scorpio UV. M&M then sought the assistance of court to sort out problems with Global Vehicles and the case was later transferred to the arbitration panel in London.
- Honda to increase prices from January 2014
- New Mercedes-Benz C-Class expected to unveiled in December
- Teaser of Lamborghini Gallardo replacement released
- New Hyundai Santa Fe to be launched in early 2014
- Renault Duster facelift expected to be unveiled at Auto Expo 2014
- Audi Q1 set to be showcased in 2016
- Next-generation Ford Mustang to be showcased on 5th December
- Pricing of Ford EcoSport main reason behind its success
29 November 2013, 12:06 IST by CarTrade Editorial Team
Honda Cars India Limited, the domestic division of Japanese car maker, recently showcased the 4th Generation model of City in the country. Sources close to the development process have revealed...
Under: Honda City
02 December 2013, 12:21 IST by CarTrade Editorial Team
As 2013 is coming to an end, many car makers would want to forget the dismal performance of this year in terms of sales and profit levels. In the passenger car segment, many companies failed to...
02 December 2013, 12:45 IST by CarTrade Editorial Team
In a shocking news that sent ripples across the American film fraternity, it was leant that Paul Walker has passed way in a car accident that occurred in Southern California. Reportedly, the actor...
30 November 2013, 00:57 IST by CarTrade Editorial Team
Indian car market is loaded with models that are affordability and fuel-efficient. All players in the market know the role played by price and mileage in influencing the decision of a car buyer....