Court stops silver-fiber based products maker Noble's India ops
10 Oct '05
3 min read
Textile and home fashions based silver fiber manufacturer Noble Fiber Technologies Inc has been restrained from pursuing any further business dealings in India by the Hon'ble High Court over a petition filed by Noble's aggrieved Indian associate, Cogent Silver Fiber Pte Ltd because of breach of contract. The MoU between the two companies was signed on April 28, 2005, which empowered Cogent to exclusively market X-static based products in India.
- US Company breached contract with India's Cogent Silver Fiber for Defence order - US manufacturer restrained from any business dealings in India
Noble breached the contract by simultaneously pursuing business deals with another associate, Indore based Flexituff International Ltd, for supply contracts within the defence forces domain.
A suit was filed by Cogent in the Hon'ble High Court over the issue against Noble Fiber Technologies Inc, Mr. N.S. Prasad, Country Manager – India, Noble Fiber Technologies Inc and Flexituff International Ltd as Cogent was already in advanced stages of talks with the purchase department of the defence forces for a substantial order of X-static based military uniforms and several other items.
Mr. Prashant Kumar, President (Commercial), Cogent silver Fiber Pte Ltd said that it is indeed extremely unfortunate that a responsible corporate citizen of US origin should resort to such under-handed business practices. Besides a substantial amount of money, they have invested a lot of time and effort building awareness regarding X-static based products in the Indian market, which has now come to a naught. They have immense faith in the judiciary system of their country and are confident that the culprits will be brought to book.
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