Mamaearth shares gain after Delhi HC sets aside order to pay ₹57 crore fine to UAE distributor

Published oncnbctv18.com

Publish Date21 August 2024

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Shares of Honasa Consumer Ltd gained almost 2.5% on Wednesday after the company secured a favourable order from the Delhi High Court in its case against RSM General Trading LLC pertaining to a penalty of more than ₹57 crore.

The parent entity of Mamaearth informed the stock exchanges that the High Court has directed RSM General Trading LLC to withdraw the execution proceedings in Dubai Court, where the company had filed a lawsuit against Honasa Consumer Ltd.

The Delhi HC, in its August 20 order, also asked RSM General Trading LLC to deposit the total fine amounting to AED 25,071,991 (approximately . ₹57.17 crore) to the court’s registry. The amount will be released after providing proof of withdrawal of the execution proceedings in the Dubai court against Honasa Consumer Ltd, the company informed the bourses.

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