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| Exchange Disseminated Time | Arvind Ltd has informed BSE that Ralph Lauren Corporation USA (RLC) has instituted a suit in the United States District Court, against US Polo Association, USA (USPA) and Arvind Limited, India alleging breach of agreement between Ralph Lauren Corporation, USPA and Arvind Limited on account of non compliance in respect of disclaimers to be printed on USPA products sold in India. Arvind Lifestyle Brands Limited, (ALBL), subsidiary of Arvind Limited, has license to manufacture and market USPA branded products in India.
It is pertinent to note that first RLC issued a notice for arbitration to be held in India against USPA and Arvind Limited in the above matter. Arvind Limited and ALBL were successful in obtaining a temporary injunction against the commencement of the arbitration from the jurisdictional court in India, which injunction is currently operative. Unfortunately during the pendency of the said injunction, RLC has instituted the suit in New York.
Based on the legal advice received, both Arvind Limited and ALBL are confident of their strong position and believe that they will be able to successfully defend this matter as there is no breach of agreement as alleged by RLC. |
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