Snowcem India asked to pay Rs 2.5cr penaltyOur Web Bureau / Mumbai May 08, 2006Snowcem India has been asked to pay a compensation of Rs 2.50 crore to Snowcem Paints for the usage of trade marks after the termination of registered user agreement for the period between November 21, 2005 and March 31, 2006.According to a release issued by Snowcem India to the BSE today, the arbitration and award dated April 19, 2006 given by Justice K N Singh, former Chief Justice of India and sole arbitrator, has also asked Snowcem Paints to take over the raw materials and the packing materials at a discount of 10% to the cost price and finished goods at a discount of 40% to the cost price.The order has also asked "Snowcem Paints to pay Rs 28,50,000 for the purchase of trade marks developed by Snowcem India, and Snowcem Paints to purchase the tinting machines of the company for a consideration of Rs 25 lakh."Snowcem India has been asked to delete the word Snowcem from its corporate name, the release added."The company had offered to the owners of the trade marks to manufacture the paint products on their behalf on job work basis. The company
