Moser Baer receives notice from Koninklijke Philips Electronics N.V.

Moser Baer India Ltd has announced that the Company has received notice from Koninklijke Philips Electronics N.V. ("Philips") informing the Company that Philips has filed a suit against the Company in the District Court of The Hague, The Netherlands, in relation to certain of their patent license agreements for CD and DVD recordable formats, executed between the Company and Philips.

Philips had, on a prior occasion also served notices of default under these patent license agreements on the Company. The Company has challenged these notices as they substantively relate to a prior contract between Philips and Imation Corporation, under which the Company supplies optical media to Imation Corp. and its subsidiaries. These notices are under challenge in the High Court of Delhi.

The stock closed the day at Rs.264.15, down by Rs.1.50 or 0.56%. The stock hit an intraday high of Rs.277.50 and low of Rs.260. The total traded quantity was 236745 compared to 2 week average of 167556.

Source : Equity Bulls

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