New Delhi: Delhi-based JHS Svendgaard Laboratories Ltd (JHS) on Monday said it has settled ongoing disputes with Fast-moving consumer goods (FMCG) firm Procter and Gamble (P&G) out of court.
“This is inform that the ongoing disputes at various courts between the company and various group companies of Procter & Gamble Inc. in India, have been settled with mutual consent and concluded positively for JHS," JHS Svendgaard Laboratories said in a BSE filing.
In reaction to the announcement, shares of JHS Svendgaard Laboratories were trading 7.85% higher at Rs57 on the BSE.
The company further said: “The settlements clears contingent liabilities to the tune of Rs206.15 crore, from the balance sheets of JHS." JHS Svendgaard Laboratories Ltd had alleged that P&G had signed agreements with it in 2009-10 to manufacture toothbrush, toothpastes and detergent under its brand Oral B and Tide, but wrongfully terminated its production contract.
HT Media LTd, the publisher of Mint, holds a stake in JHS Svendgaard as part of its ad for equity business