__p The Company Law Board (Chennai bench) has ruled in favor of Kobian Singapore, resulting in Sunil and Sneh Sharma quitting as directors of Kobian India.
p____p Kobian Singapore had earlier petitioned the Board to force Sunil Sharma to step down as managing director of Kobian India, alleging that Sharma had forged 51 percent of shares in his name.
p____p According to reliable sources in the company, Kobian Singapore has taken full charge of the Indian operations. An official complaint has been lodged against the Sharmas for criminal misappropriation of property. They further added that both Sunil and Sneh Sharma are believed to be absconding.
p____p CEO of Kobian Singapore Rajesh Bothra and Nikhil Shah have taken over the operations in India from yesterday.
p____p It may be noted that the Bangalore City Civil Court, on a plaint from Kobian Singapore, had issued an injunction against Kobian India and its directors, restraining them from using the brand name Mercury earlier this month.
p____p The new board of directors will approach the court contending the matter no longer survives as there has been change in management, a company official said. The next court hearing pertaining to the trademark issue is scheduled for November 30.
p____p The spat had an adverse effect on the channel as Kobian India had ceased honoring warranty and sevice support to its partners. The principal then took control over the issue by operating its service centers in India.
p____p According to sources within the company, “There was never a break in service as the centers across the country have been operational, except for the Bangalore office which has started functioning from this week.”