The Indian utility vehicle giant Mahindra & Mahindra has won the legal battle over their estranged US based distributor Global Vehicles. The legal proceedings took place in England.
In a statement posted on their website, the company said, "Mahindra can now report that it has prevailed in all aspects of the English proceedings. All of GV's attempts to attack the arbitration award have failed. In addition GV now faces substantial costs liabilities."
As per the company, during the hearing that took place on 27th July, Global Vehicles was ordered by the English Court to pay security in respect of its challenge to the arbitration award by 13th August, 2012. However, as GV was failed to do so, thus the challenge was therefore dismissed.
Both companies had entered into a joint venture, as per which Global Vehicle was the sole distributor of the Indian company's motor vehicles in the US.
