MAM
ITC and Britannia resolve packaging feud
Mumbai: FMCG majors Britannia and ITC have reached a resolution over the nine-month long case in which the former had dragged ITC to the Delhi high court alleging infringement of product packaging.
The judgement, dated 4 August, considered the matter resolved after ITC changed the packaging (pillow and box) scheme for its ‘Sunfeast Farmlite 5-Seed Digestive’ and ‘Sunfeast Farmlite Veda Digestive’ biscuits which was challenged by Britannia Industries in December, last year as being “deceptively similar” to that of its NutriChoice Digestive biscuit brand.
“The respondents have modified the packaging of their products ‘Sunfeast Farmlite 5-Seed Digestive’ and ‘Sunfeast Farmlite Veda Digestive’ which are already in the market. The Appellant has no objection to the use of the modified packaging of the Respondents as depicted hereinabove,” the judgement read.
In view of the above settlement, Britannia Industries has withdrawn all claims for rendition of accounts, damages, and costs.
Hearing the matter in April, a single judge bench of the Delhi high court had ruled that the impugned packaging cannot be called “deceptively similar” because in both the cases the name of the product is abundantly clear. Britannia appealed against the judgement on the grounds that ITC’s promotion of April order is causing harm to its goodwill. “It is averred that the impugned judgment is being publicised heavily and is therefore causing immense harm and injury leading to loss of goodwill and reputation of the appellant,” it said.
Responding to Britannia’s appeal in an order dated 8 July, the Delhi high court had asked the two parties to reach a consensus on the matter within four weeks.
Brands
Oyo parent Prism appoints former Sebi chief Ajay Tyagi to Board
Former market regulator joins Prism to strengthen governance for IPO
NEW DELHI: Prism, the parent entity of Oyo, has appointed former Sebi chairman Ajay Tyagi as an independent director, as the hospitality firm gears up for its planned Rs 6,650 crore initial public offering (IPO).
Tyagi, a 1984-batch IAS officer, served as chairman of the Securities and Exchange Board of India (SEBI) from 2017 to 2022. His appointment is aimed at strengthening the company’s governance framework and providing strategic oversight as it moves closer to a public listing.
He joins a high-profile board that already includes several prominent names from global business and policy circles. These include Troy Matthew Alstead, former CFO and group president of Starbucks; Aditya Ghosh, co-founder of Akasa Air; Deepa Malik, paralympic athlete and Padma Shri awardee; William Steve Albrecht, professor of accountancy at Utah State University; and Bejul Somaia, partner at Lightspeed Venture Partners.
Prism founder Ritesh Agarwal, said Tyagi’s experience in capital markets regulation and public-institution stewardship will be critical as the company scales operations and enhances long-term accountability.
The company recently filed preliminary papers with Sebi to raise Rs 6,650 crore through a confidential route. Market sources estimate its valuation will be in the range of $7 billion to $8 billion.
Over the course of his career, Tyagi has held senior roles in the ministry of finance, where he oversaw investment policy and financial-sector reforms. His induction to the Prism board signals a renewed focus on aligning the company’s internal standards with the stringent requirements of public markets as it advances toward its IPO.
