Press Statement from Mahindra & Mahindra Ltd.
MUMBAI, India, September 10, 2012 /PRNewswire/ --
As previously reported, Mahindra & Mahindra Limited ("Mahindra") successfully challenged claims brought by Global Vehicles ("GV"), culminating in an arbitration award dated 24 February 2012, which included an award of costs of over $2 million in Mahindra's favour.
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In March of this year, GV commenced proceedings in England seeking to appeal and challenge the arbitration award. At the same time Mahindra sought to convert the arbitration award into a court judgment so that it could start enforcement against GV. Over the past four months, various proceedings have been pending in England as to the correctness and finality of the arbitration award.
Mahindra can now report that it has prevailed in all aspects of the English proceedings.
First, GV's appeal was dismissed at a preliminary stage. In an order of 9 July, the English Court concluded that the appeal was "wholly without merit" and awarded costs in Mahindra's favour.
Second, at a hearing on 27 July, the English Court required GV to pay security in respect of its challenge to the arbitration award by 13 August 2012. GV failed to do so and its challenge was therefore dismissed.
Third, at a hearing on 5 September the English Court dismissed GV's request that arbitration award not be converted into a court judgment.
The English proceedings are therefore at an end. All of GV's attempts to attack the arbitration award have failed. In addition, GV now faces substantial costs liabilities. The arbitration award may now be enforced as a Judgment of the English Court and in over 130 jurisdictions worldwide, including the United States.
About the Mahindra Group
The Mahindra Group focuses on enabling people to rise. Mahindra operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, information technology and vacation ownership. Mahindra has a presence in the automotive industry, agribusiness, aerospace, components, consulting services, defence, energy, financial services, industrial equipment, logistics, real estate, retail, steel and two wheelers.
A USD 15.4 billion multinational group based in Mumbai, India, Mahindra employs more than 144,000 people in over 100 countries. In 2011, Mahindra featured on the Forbes Global 2000 list, a listing of the biggest and most powerful listed companies in the world. Dun & Bradstreet also ranked Mahindra at No. 1 in the automobile sector in its list of India's Top 500 Companies. In 2010, Mahindra featured in the Credit Suisse Great Brands of Tomorrow. In 2011, Mahindra acquired a majority stake in Korea's SsangYong Motor Company.
For further enquiries
Roma Balwani
Senior VP & Group Head - Corporate Communication
Mahindra & Mahindra Ltd
Phone: +91-22-2490-1441
e-mail: balwani.roma@mahindra.com
SOURCE Mahindra & Mahindra Limited
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