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MUMBAI, Sept 16 (Reuters) - India's highest court has allowed TVS Motor Co (TVSM.BO) to sell its "Flame" brand of motor bikes that feature twin spark plugs as a legal battle with larger rival Bajaj Auto (BAJA.BO) continues, both companies said on Wednesday.
TVS and Bajaj Auto have been locked in patent case over the use of technology in the Flame motorcycles.
The Supreme Court on Wednesday "held that TVS is entitled to sell its product Flame containing three valves and two spark plugs," TVS Motor said in a statement.
Bajaj Auto has said it developed and patented the twin spark plug technology in 2002.
"The Supreme Court has directed TVS to maintain and file accounts of sales which shall be verified by a receiver to be appointed by the Madras High Court," the TVS statement said.
The Court directed that the suit before the Madras High Court be concluded by November 30, the companies said in their separate statements.
"In the interim, TVS has been allowed to sell its bikes with twin spark plugs, with a Court Receiver being appointed," Bajaj Auto said in its statement.
TVS Motor shares ended up 9.99 percent at 58.90 rupees in a firm Mumbai market. Bajaj shares were up 1.19 percent at 1380.85 rupees. (Reporting by Tamajit Pain & Aniruddha Basu; Editing by John Mair)
SOURCE:-
RPT-India Supreme Court allows TVS to sell Flame bikes | Industries | Financial Services & Real Estate | Reuters
TVS and Bajaj Auto have been locked in patent case over the use of technology in the Flame motorcycles.
The Supreme Court on Wednesday "held that TVS is entitled to sell its product Flame containing three valves and two spark plugs," TVS Motor said in a statement.
Bajaj Auto has said it developed and patented the twin spark plug technology in 2002.
"The Supreme Court has directed TVS to maintain and file accounts of sales which shall be verified by a receiver to be appointed by the Madras High Court," the TVS statement said.
The Court directed that the suit before the Madras High Court be concluded by November 30, the companies said in their separate statements.
"In the interim, TVS has been allowed to sell its bikes with twin spark plugs, with a Court Receiver being appointed," Bajaj Auto said in its statement.
TVS Motor shares ended up 9.99 percent at 58.90 rupees in a firm Mumbai market. Bajaj shares were up 1.19 percent at 1380.85 rupees. (Reporting by Tamajit Pain & Aniruddha Basu; Editing by John Mair)
SOURCE:-
RPT-India Supreme Court allows TVS to sell Flame bikes | Industries | Financial Services & Real Estate | Reuters
I am really happy for TVS
...good news !
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