Honasa Client Ltd, which owns Mamaearth, model, on Saturday mentioned there shall be no attachment of its property within the UAE because it has no property there, though a court docket in Dubai has ordered such an motion in its ongoing litigation with RSM Basic Buying and selling LLC over termination of distributorship.
The corporate, which additionally owns The Derma Co and Aqualogica manufacturers, had on Friday mentioned a court docket in Dubai has ordered attachment of its property within the UAE however refused to cancel the buying and selling licence of Honasa Client Basic Buying and selling LLC.
In a submitting on Saturday, the corporate mentioned,”… There shall be no attachment of the corporate property, as the corporate has no property situated within the UAE.” Honasa Client Basic Buying and selling LLC, a subsidiary of Honasa Client Ltd has been exempted from this order, it added.
RSM Basic Buying and selling LLC (RSM) and Honasa Client Ltd (Honasa) had filed grievance statements in opposition to the precautionary attachment order handed by Courtroom of Deserves at Dubai, the UAE on June 6, 2024. The Dubai court docket rejected each the appeals filed by RSM and Honasa.
In a regulatory submitting on Friday, Honasa mentioned, “The Dubai court docket ordered to connect Honasa’s property in Dubai, the UAE in view of the 25 million AED compensation (debt) ordered by Courtroom of First Occasion, Dubai.” The court docket rejected the grievance assertion filed by it.
On the identical time, the court docket additionally rejected the grievance filed by RSM and “refused to cancel the buying and selling licence of Honasa Client Basic Buying and selling LLC in Dubai, UAE on the grounds that Honasa Client Basic Buying and selling LLC is a separate authorized and monetary entity and isn’t associated to Honasa.” Within the June 6 order, the Dubai court docket had allowed to connect Honasa Client Ltd’s property within the UAE, nonetheless, it rejected to cancel the buying and selling license of Honasa Client Basic Buying and selling LLC, it added.
The order got here on a a precautionary attachment utility filed by RSM in opposition to Honasa Client Ltd earlier than the Courtroom of Deserves at Dubai, UAE for attaching property of the corporate within the UAE and cancellation of buying and selling licence of Honasa Client Basic Buying and selling LLC.
RSM Basic Buying and selling LLC had filed a lawsuit within the Dubai court docket for illegal termination of its distributorship by Honasa Client Ltd.
Honasa said it should attraction the most recent order in Dubai, and could have no antagonistic monetary influence until the finality of the attraction proceedings.
The corporate additional mentioned in August the Delhi Excessive Courtroom had ordered RSM to withdraw any execution continuing filed in Dubai, the UAE together with depositing (roughly) Rs 57 crore to the Delhi Excessive Courtroom registry.
“The Delhi Excessive Courtroom additional ordered that if the execution proceedings filed by RSM in Dubai are profitable, the deposited quantity of Rs 57 crore shall be launched to Honasa,” the submitting mentioned.
It additional mentioned, “Since, RSM has not both withdrawn the execution proceedings in Dubai, UAE nor it has deposited Rs 57 crore (roughly) to the Delhi Excessive Courtroom registry, Honasa is within the technique of submitting contempt proceedings in opposition to RSM earlier than the Delhi Excessive Courtroom for breach of compliance of the Delhi Excessive Courtroom judgment.”
