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Company asked to pay bank guarantee

Special Correspondent

CHENNAI: The Madras High Court has directed the Chennai-based India Switch Company Private Limited, which operates Automatic Teller Machines (ATMs), to pay a bank guarantee of Rs. 5 crores in favour of the U.S.-based ACI (India) Inc.

Justice R. Balasubramaniam passed the order on a civil suit preferred by the U.S. software major, which alleged that the ISC had failed to comply with the contract clauses for using its patented software in ATMs, BASE24.

Meanwhile, the Regional Bench of the Company Law Board has reserved its orders on a similar dispute between the two companies.

The ACI (India) Inc. sought a direction to ISC to register the ISC's 60,000 equity shares in favour of the U.S. company. The ACI (India) alleged that ISC owed them $U.S 1.14 millions for the use of BASE24.

The U.S. company sought an interim injunction restraining the ISC from dealing with or transacting the sale or registering of shares and fixed assets of the company pending disposal of the company petition. It also prayed for a direction to the ISC that all voting rights, dividends, bonuses be registerable in the name of the U.S. company.

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