Timken India Limited has informed the stock exchanges about a civil suit filed by Artech International Private Limited before the High Court of Calcutta. Artech International was appointed as a distributor of Timken India through distributor agreements executed between the two parties. The disclosure was made on May 30, 2026, under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations.
Timken India Limited terminated the distributor agreements through a notice dated May 8, 2026, with effect from July 7, 2026. Timken India provided a 60-day notice period for the termination under the terms of the distributor agreements. The termination was communicated to Artech International Private Limited in accordance with the contractual provisions agreed between the parties.
Artech International Private Limited has challenged the termination notice before the High Court of Calcutta. The plaintiff has alternatively claimed damages of approximately Rs 107.86 crore arising from the termination of the distributor agreements. The civil suit seeks to set aside the termination notice dated May 8, 2026, and in the alternative, seeks damages for alleged losses.
The matter was heard on May 29, 2026, by a vacation bench of the High Court of Calcutta. Timken India Limited has raised the point about the maintainability of the civil suit before the court. The court has not yet pronounced on the maintainability question raised by Timken India.
Timken India Limited does not expect any financial implications from the legal proceedings at this stage. The termination of the distributor agreements was carried out in accordance with the agreed contractual terms between Timken India and Artech International Private Limited.
Disclaimer: This article is based on company filings submitted to the Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE) and is for informational purposes only. It does not constitute investment advice or a recommendation. Investors should conduct their own research and consult a qualified financial advisor before making investment decisions.