The Hush Post Ludhiana: Hero Cycles CMD, Pankaj Munjal has claimed his stake over the use of monograms ‘Hero Cycles Limited’ ‘H’ and ‘Hero.’ Munjal issued a statement saying that his cousin Vijay Munjal the owner of Ecotech Ltd has withdrawn its appeal before the Delhi High Court challenging the interim order of the Arbitral Tribunal dated 7th June 2017 in respect of ‘Hero Cycles Limited’ ‘H’ ‘Hero’ monograms. “We have always advised the trade community and maintained that we are the true, rightful and exclusive owner of ‘Hero Cycles Limited’, ‘H’ and ‘HERO’ monogram.” The statement also said that it was a major setback for Vijay Munjal as he had given up his false claim before Delhi High Court. The statement further said that “The latest development vindicates the stand of “Hero Cycles Limited.”
However Vijay Munjal has said that his cousin’s claim is incorrect and against the orders passed by the Delhi High Court. He has said, though the copy of the order is not available, we have been informed by our counsel that the appeal has been withdrawn since the final arguments are commencing in the arbitration proceedings in January 2018 and the arbitration proceedings are likely to be conclusive.
Both Pankaj and Vijay are sons of the two founder brothers of Hero Cycles — Vijay Munjal is Dayanand Munjal’s son, Pankaj Munjal is son of Om Parkash Munjal. Both the cousins are into manufacturing bicycles and the dispute between both the cousins has been going on since the past three years, when officials of Pankaj Munjal’s company Hero Cycles Ltd along with the law enforcement agencies conducted raids at some dealers of Hero Ecotech, claiming that the company was illegally using “Hero” trade name on its products. In September 2016, Pankaj Munjal again made a fresh claim that Vijay’s company Hero Ecotech Limited had been restrained from using ‘Hero’ for bicycles by the Supreme Court.