AIA Engineering has entered into settlement agreement with Magotteaux International (MI) Belgium, to avoid uncertainty of the outcome of further litigation and legal and other expense including of the current ongoing litigation and to resolve the dispute amicably and avoid further damages and litigation costs.
Further the Company has informed that, pursuant to the said Settlement Agreement entered into with MI, the Company has paid $6.00 million on December 16, 2013 to MI in consideration of the dismissal of the litigation and mutual release from claims among the parties.
Earlier, as on September 19, 2013 wherein the Company had informed that in a Patent infringement action between Magotteaux International (MI) Belgium and the Company, involving Sintercast products in USA, the United States District Court had passed a judgement awarding damages of approximately $7.2 Million.
AIA Engineering is engaged in business of designing, developing, manufacturing, installing and servicing of high chromium wear, corrosion and abrasion resistant parts. These products are mainly used by cement, mining and thermal power generation industries.
Company Name | CMP |
---|---|
Electrost Castings | 171.00 |
AIA Engineering | 3748.00 |
Kirloskar Ferrous | 697.00 |
Nelcast | 141.90 |
Alicon Castalloy | 982.70 |
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