FINWIRES · TerminalLIVE
FINWIRES

Market Chatter: Maruti Suzuki Ordered to Replace Car or Pay Damages in E20 Fuel Case

By

An Indian consumer court has ordered Maruti Suzuki India (NSE:MARUTI, BOM:532500) to replace a customer's vehicle or pay 2 million Indian rupees in compensation after finding that mandatory E20 fuel damaged the car, local media reported Thursday, citing the court's order.

According to reports, the consumer court in the state of Chhattisgarh ruled in favor of the owner of a Grand Vitara SUV, who alleged that E20 fuel caused damage to the vehicle.

Maruti denied the allegations in a statement to Reuters, saying the Grand Vitara involved in the case was E20-compatible and designed to operate on the fuel, as stated in the owner's manual.

The ruling could set a precedent for greater automaker liability under India's ethanol-blended fuel policy, which promotes E20 fuel, to reduce crude oil imports and lower emissions, Reuters said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Related Articles

Asia

Coles Group Appeals ACCC's Rejection of Kalgoorlie Site Acquisition

Coles Group (ASX:COL) lodged an appeal against the Australian Competition and Consumer Commission's (ACCC) decision to block its proposed purchase of a supermarket and liquor site in Kalgoorlie, Western Australia, according to a Wednesday filing with the Australian Competition Tribunal.Following a phase two review, the ACCC said the acquisition might materially harm competition in the retail groceries space and likely lead to the exit of an independent full-line competitor from Kalgoorlie.In its appeal, Coles said the regulator's decision was not "objectively correct or preferable."The company's shares were down nearly 1% in recent Thursday trade.

ASX:COL
Asia

Unisplendour to Dilute Stake in Computer Unit to 29.4%; Shares Up 9%

Semiconductor company Unisplendour (SHE:000938) said it will dilute its stake in subsidiary Unisplendour Computer Technology amid a 440-million-yuan capital increase.Unisplendour will waive its pre-emptive subscription rights, reducing its stake to 29.42% from 51%, with the subsidiary exiting consolidation, according to a Thursday filing with the Shenzhen bourse.One of the five investors of the capital increase, Haichen Huicai, will acquire a 12% stake in Unisplendour Computer Technology from five existing shareholders before the implementation of the capital increase.Shares of Unisplendour jumped 9% in recent trade.

SHE:000938
Asia

WW Holdings Unit Injects $2 Million Into Cambodian Stepdown Subsidiary

WW Holdings' (TPE:8442) subsidiary, Global Worth Investment, will increase the capital of its unit, TWT Leather (Cambodia), by $2 million, bringing its total investment to $5 million, according to a Wednesday Taiwan bourse filing.The investment will be made in phases and funded through the company's funds and financial institutions.The capital increase is aimed at strengthening the unit's operating scale and expanding its production base.

TPE:8442