Latest news with #HaigreveKhaitan
Time of India
02-07-2025
- Business
- Time of India
TAFE & AGCO Settle Legal Dispute over Massey Ferguson Brand in India
HighlightsChennai-based Tractors and Farm Equipment Limited has become the sole and exclusive owner of the Massey Ferguson brand in India, Nepal, and Bhutan following a settlement with AGCO Corporation. TAFE will repurchase AGCO's 20.7% stake in the company for $260 million, making it a wholly owned subsidiary of the Amalgamations Group. All existing commercial agreements between TAFE and AGCO will be terminated, but TAFE will continue to honor outstanding supply orders and provide parts for agreed markets. Chennai-based Tractors and Farm Equipment ( TAFE ) and US agricultural machinery manufacturer AGCO Corporation , which were locked in a legal dispute over the use of the latter's tractor brand Massey Ferguson in India, have reached a settlement. The deal brings the curtains down on the year-long legal dispute. Under the terms of the settlement, TAFE will become the sole and exclusive owner of the Massey Ferguson brand in India, Nepal and Bhutan, including all associated rights, trademarks and goodwill, according to a joint statement released on Tuesday. TAFE will repurchase AGCO's 20.7% stake in the company for $260 million, making it a wholly owned subsidiary of the Amalgamations Group, a Chennai-based diversified industrial conglomerate. AGCO, in turn, will exit its equity holding in TAFE. TAFE will retain a 16.3% ownership stake in AGCO and has committed not to exceed this limit. It will also participate in AGCO's future share buybacks to maintain its proportional holding, subject to certain exceptions. Additionally, TAFE will support AGCO's board recommendations at shareholder meetings, with limited exemptions. All existing commercial agreements between the two will be terminated. However, TAFE will continue to honour outstanding supply orders and provide parts for agreed markets. All legal proceedings will be unconditionally withdrawn. A consent decree will be sought to formally close the cases. The agreement will take effect upon completion of necessary regulatory and procedural formalities. According to legal sources, Sudarshan Venu of TVS Motor, and Haigreve Khaitan, senior partner at Khaitan & Co, played a key role in the outcome. The relationship between TAFE and AGCO spans over six decades. During this time, Massey Ferguson has become a well-recognised name in Indian agriculture. TAFE, the second-largest tractor manufacturer in India after Mahindra & Mahindra, sells more than 180,000 tractors annually, including over 100,000 Massey Ferguson tractors produced in India. 'We are pleased to have reached an amicable resolution with TAFE on all outstanding commercial, governance, and shareholding matters,' said Eric Hansotia, chairman and CEO, AGCO.
Mint
18-05-2025
- Business
- Mint
Lawyers want to know if they can advertise overseas, even if they can't in India
New Delhi: Lawyers have appealed to the Bar Council of India to provide clarity on whether they can advertise in foreign jurisdictions, after BCI last week allowed foreign lawyers and legal firms to practice in India in a limited capacity. The Indian National Association of Legal Professionals (INALP), a representative body, has written to BCI that Indian lawyers and law firms be permitted to promote their work in foreign jurisdictions, if not within India. This comes after BCI in March censured DSK Legal for a promotional video featuring actor Rahul Bose. On 20 March, BCI rapped DSK Legal for the advertisement and asked for the video to be removed from all digital platforms, citing Rule 36 of the BCI Rules. BCI asked DSK Legal to explain why disciplinary proceedings should not be initiated against it for violating the rule, and to furnish an undertaking that it would not run any more advertisements or promotional activities. BCI regulates the actions of legal professionals and advocates in India under the Advocates Act 1961, and BCI Rules 1975. Per Rule 36 of the BCI Rules, 1975, 'An advocate shall not solicit work or advertise, either directly or indirectly, whether by circulars, advertisements, touts, personal communications, interviews not warranted by personal relations, furnishing or inspiring newspaper comments or producing his photographs to be published in connection with cases which he has been engaged or concerned." Also read | Mint Primer: Better Not Call Saul: Lawyers are in a fix over ads 'Reforms should create a level playing field' In February, the ministry of law and justice published a draft amendment to the Advocates Act for public consultation. The draft proposed allowing foreign law firms to practise in India, Mint reported on 13 February. But after a stern response from BCI, the ministry withdrew the draft amendment. While BCI has now permitted foreign law firms to operate in India in a limited capacity, it is unclear whether these firms will be allowed to promote and advertise their India-related work in foreign jurisdictions, INALP stated in its communication to BCI on 14 May. 'The regulation of branding and ethical conduct must be approached in greater nuance," it said. The Indian legal services market, valued at $2.49 billion this year, is set to grow at a compound annual growth rate of 6.28% to $3.37 billion in 2030, according to estimates by Mordor Intelligence. Haigreve Khaitan, senior partner at Khaitan and Co. law firm, told Bar & Bench, a digital publication, that while the introduction of foreign legal service providers in India was a positive step, the competitiveness of Indian law firms should also be a goal of the reforms. 'The entry of foreign law firms into India is a positive step that will result in increased knowledge sharing, innovation and faster adoption of global best practices. This must be accompanied by appropriate regulatory reforms for Indian law firms to create a level playing field and allow them to compete successfully on the global stage while spurring domestic growth," Khaitan told Bar & Bench in an article dated 15 May. Also read | Rise of legal influencers raises concerns Protecting clients or missing a global opportunity? The issue of whether Indian legal service providers should be allowed to advertise their work has been taken up by the higher judiciary. In July 2024, the Madras High Court stated in a judgement that advocacy is primarily driven by societal service rather than commercial motives and promotional activities through online platforms would severely compromise ethical standards and the professional integrity of legal service providers. Divya Anand, vice president–legal marketing and strategy, Blue Ocean IMC, a marketing services company, several jurisdictions view advertising as a means of promoting transparency and consumer choice. 'A level playing field is best achieved when both domestic and foreign practitioners operate under mutually respectful and transparent frameworks," said Anand. Other experts said Indian lawyers and law firms could advertise in other countries if allowed under local laws. 'Countries like the US, the UK, Australia, and parts of Europe treat legal advertising as a client empowerment tool, aiding choice and access to justice. But they allow advertising under strict regulatory codes, like no false claims, no undue influence, and must be factual and professional," said Shubham Malhotra, founder of LawStrings Management. 'With BCI now opening the door to foreign participation, we need to rethink whether our restrictive stance on advertising protects clients or merely sidelines compliant professionals from global opportunity," added Prachi Shrivastava, founder, Vakil Vetted, a firm that connects small businesses to legal service providers. 'The lack of clear, compliance-based visibility tools actually undermines client trust. In a globalised market, the ability to evaluate a lawyer's expertise should not depend on whispered referrals or opaque rankings," said Shrivastava.
