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Mamaearth's parent Honasa wins legal battle against distributor RSM in Dubai's top court
Dubai's Court of Cassation has overturned the Appeal Court's decision, calling it 'flawed, defective and lacking reasoning'
Honasa granted 24.16 lakh stock options, worth Rs 57 crore, this week
Dubai's top court, the Court of Cassation, has ruled in favour of Mamaearth's parent brand Honasa in a a prolonged legal battle against its distributor RSM General Trading LLC.
The Court of Cassation has overturned the Appeal Court's decision, calling it "flawed, defective and lacking reasoning".
In a stock exchange filing, Honasa Consumer said, "The Company and RSM General Trading LLC, wherein RSM had filed a lawsuit in the Dubai Court for unlawful termination of its distributorship by the Company, the Highest Court of Dubai, UAE (Cassation Court) issued its final judgment upon the appeal challenging the judgment passed by the Court of Appeal, Dubai, UAE (Appeal Court Judgment)".
Last month, the Appeal Court Judgment upheld the March 16 judgment passed by the Dubai Court ordering Honasa to pay AED 25 million (approx.) to RSM as compensation for the damages.
However, on Thursday, Dubai's highest court overturned the upholding of the original judgment on the grounds that the Appeal Court Judgment was flawed, defective, and without any reasoning, Honasa added in the stock exchange filing.
The matter will now be taken up by a new panel of the Appeal Court judges. The Honasa Consumer versus RSM case has taken several turns in India as well.
Last year, the Delhi High Court asked RSM General Trading to revoke its execution proceedings in Dubai and asked to deposit Rs 57.17 crore, along with added interest in the registry of the court to Honasa.
Separately, Honasa granted 24.16 lakh stock options, worth Rs 57 crore, under its Employee Stock Options Plan (ESOP) - 2018 this week.
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