Gujarat NRE Coke Ltd filed a civil suit in the Calcutta High Court against Austral Coke and Projects Ltd, its directors, auditors, merchant bankers and others associated with Austral Coke’s IPO seeking financial compensation for misusing the Gujarat NRE Coke name in a “distorted and misleading” way with a view to selling its issue to public investors.
Gujarat NRE Coke has taken serious objection to Austral Coke’s use of the Gujarat NRE Coke name “in a distorted and misleading way to sell its issue to public investors”. Gujarat NRE Coke has prayed that, by using its name, Austral Coke has severely damaged the reputation of Gujarat NRE Coke leading to loss of market capitalisation and shareholder interest, and for this it has sought compensation.
Among other things, Gujarat NRE Coke has also sought an injunction restraining Austral Coke, or any of its associates, from making and publicising any sort of comparison between Gujarat NRE Coke and Austral Coke, reports The Hindu Business Line.
Source: Moneycontrol.com
Thursday, August 14, 2008
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