Brief: AIA Engineering enters into settlement pact with Magotteaux International Belgium

AIA Engineering

18/12/2013 06:21

Dec 18 (Reuters) - AIA Engineering Ltd  AIAE.NS : * Settlement agreement has been entered into between company and Magotteaux International Belgium * Paid $6.00 million to Magotteaux International as part of settlement of patent infringement action between cos * $6 million payment in consideration of dismissal of the litigation and mutual release from claims among the parties * Source text: With reference to the earlier announcement dated September 19, 2013 wherein the Company had informed the Exchange that in a Patent infringement action between Magotteaux International (MI) Belgium and the Company, involving Sintercast products in USA, the United States District Court had passed a judgement awarding damages of approximately $7.2 Million,  AIA Engineering Ltd has now informed BSE that a Settlement Agreement has been entered into between Company and MI to avoid uncertainty of the outcome of further litigation and legal and other expense including of the current ongoing litigation and to resolve the dispute amicably and avoid further damages and litigation costs.  Further the Company has informed that, pursuant to the said Settlement Agreement entered into with MI, the Company has paid USD 6.00 Million on December 16, 2013 to MI in consideration of the dismissal of the litigation and mutual release from claims among the parties. * Further company coverage  AIAE.NS  ((Bangalore Newsroom; +91 80 6749 1130))