Electric vehicles (EVs) of Hero MotoCorp can be launched under the trademark 'Hero', ruled Arbitration Tribunal on Thursday.
"The Hero trademark can be used by Hero MotoCorp Ltd for selling its electric vehicles, the Arbitration Tribunal ruled on Thursday. Hero Electric had sought an injunction against Hero MotoCorp using the trademark 'Hero' for its electric vehicles," the company said in a filing to the stock exchanges.
Significantly, the Arbitration Tribunal emphasised on the investments to the tune of ₹400 crore made by Hero MotoCorp in the EV business and expenses of almost ₹7,000 crore on brand building of Hero in the past 10 years, it said.
"The Arbitration Tribunal has found the case of Hero Electric unmerited in the interim. The Tribunal would now conclude the matter after final consideration of the case," it added.
The development signifies Pawan Munjal, Chairman and Chief Executive Officer, Hero MotoCorp win over his nephew Naveen Munjal of Hero Electric who had claimed rights over the 'Hero' brand for his green vehicles.
Naveen Munjal had taken his uncle to the Court over the issue, which had then referred the matter to an arbitration panel comprising former Chief Justice of Supreme Court Dipak Misra.