TAFE files for contempt against AGCO after US co terminates Massey Ferguson licence deal

In a statement, TAFE said the Commercial Court successful Chennai had ruled successful its favour with an interim presumption quo bid with respect to the Massey Ferguson brand. Claiming it was impermissible for either enactment (TAFE oregon AGCO) to disturb the presumption arsenic connected April 29, 2024, it said, “TAFE has filed a petition against AGCO for disobedience of the orders of the tribunal successful a contempt petition successful Chennai.”

The Indian institution has asserted its claims implicit the ownership of the Massey Ferguson marque successful a lawsuit filed earlier the Madras High Court.

“Since its inception successful 1960, TAFE has produced, built and nurtured the Massey Ferguson brand…With a full yearly accumulation of implicit 180,000 tractors, implicit 100,000 Massey Ferguson are produced by TAFE successful India with implicit 3 Million satisfied customers successful its fold. TAFE and Massey Ferguson are synonymous successful India…AGCO’s planetary marque website has historically for six decades made nary notation of Massey Ferguson successful the discourse of India, Nepal and Bhutan having ceded the full territory to TAFE since the take-over of Massey Ferguson India successful 1960,” TAFE said.

The TAFE connection came aft AGCO delivered termination notices of its Massey Ferguson marque licence statement with TAFE, distributor statement with TAFE for the markets of India, Nepal and Bhutan, and intelligence spot licence statement with TAFE for the markets of India, Nepal, Sri Lanka, Bangladesh and Bhutan. In a property release, AGCO said Monday that it has “also commenced ineligible proceedings against TAFE successful India related to the usage of the Massey Ferguson marque pursuing the termination of these notices.”

TAFE and AGCO had locked horns implicit Massey Ferguson, with the erstwhile claiming ownership of the fashionable tractor marque successful India. TAFE has besides accused AGCO’s absorption of pushing backmost against the Indian company’s increasing power astatine the latter, sought changes successful AGCO’s committee and a divided of the presumption of president and main enforcement officer, which is presently held by Eric Hansotia.

On Monday, TAFE besides wrote a nationalist missive to AGCO’s shareholders, successful which it accused the AGCO absorption of “ignoring” its suggestions for improving the corporation’s concern performance.

“As the Company (AGCO) has struggled successful caller years to integrate acquisitions and grow into caller markets, we person drawn connected our acquisition to supply enactment with pragmatic suggestions. Unfortunately, AGCO has responded by ignoring these ideas, taking measures to disenfranchise TAFE, and isolating our typical connected the Board…,” TAFE said successful its missive to AGCO shareholders.

TAFE alleged that AGCO’s existent authorities was specified that contempt being a long-term, strategical capitalist with nary past of nationalist activism, the Indian institution felt “compelled” to aerial its concerns publicly. Calling for “shareholder-driven boardroom change” astatine AGCO, TAFE told the shareholders: “AGCO’s issues person besides led america to statesman assessing the ways successful which a strategical translation tin beryllium implemented, with caller and autarkic directors who person the expertise required to pb a lasting turnaround…”