Calcutta, May 22: Lead-acid battery maker Exide Industries has buried a decade-long dispute over the ownership of the "Exide" trademark in India with a US company.
"The company was in discussion with the US company Exide Technologies for an out-of-court settlement to amicably resolve the long standing dispute. Based on the discussions, the company has entered into a settlement agreement with the Exide Technologies on May 19," the Raheja-owned company informed the stock exchanges.
The dispute over the trademark dates back to 1997: city-based Exide had dragged the US company to the Delhi high court, which restrained the US company from not using the name.
Exide, the largest player in the automotive and industrial battery segment in the country, today said: "The US company, subject to fulfilment of conditions mentioned therein, shall forever waive any right or claim to the ownership and/or use of 'EXIDE' mark in India."
In September 2012, the single bench of the Delhi high court decided the suit in favour of the local player. Milton, Georgia-based US Technologies then filed an appeal before the division bench of the high court.
In September 2016, the division bench allowed the appeal of the US company and inter-alia held that both Exide Industries and Exide Technologies can concurrently use the mark "Exide" in India.
The Indian company immediately filed a special leave petition before the Supreme Court. On September 30, 2016, the apex court passed an interim order in favour of the local company and restrained the US company from directly or indirectly using the name or mark 'Exide' in any manner.
Since then the Indian company was trying to resolve the matter out of court even as the litigation is pending before the apex court. for its consideration and disposal.