US court orders Vedanta Group-owned Sterlite Tech to pay ₹810 crore to Prysmian for violating trade secrets: Report
7 months ago

US court orders Vedanta Group-owned Sterlite Tech to pay ₹810 crore to Prysmian for violating trade secrets: Report

Live Mint  

A United States court has ordered Sterlite Technologies' foreign arm to pay ₹810 crore in damages to US-based Prysmian for violating trade secret norms, PTI reported on August 16. Further, a $2,00,000 penalty has also been levied on Stephen Szymanski, Executive Vice President for Americas Region at Sterlite Technologies Incorporated for "misappropriation" of Prysmian's trade secrets, the report said. "The jury found that Sterlite was unjustly enriched by taking Prysmian's trade secrets and awarded $96.5 million in damages against STI. "Szymanski ran Prysmian's optical fibre cable business in North America, and departed Prysmian for Sterlite, a direct competitor, in August 2020," the statement said.

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History of this topic

Serial offender
6 years, 9 months ago

Serial offender

The Hindu  

The massacre at Thoothukudi marks a major escalation in the long-festering confrontation that Sterlite has had with the local community ever since it entered the town in 1994. The fact that the Vedanta Group, the parent to Sterlite Copper which runs the Thoothukudi plant, specialises in the extraction of natural resources gives this nexus the ominous ring of cronyism masquerading …

Sterlite Industries stock rises nearly 5% on NSE
11 years, 11 months ago

Sterlite Industries stock rises nearly 5% on NSE

The Hindu  

Shares of Vedanta Group firm Sterlite Industries on Tuesday gained nearly 5 per cent after the Supreme Court refused to direct closure of the company’s copper smelting plant in Tamil Nadu. “Despite the squashing of the lower court order, the closure order issued by the Pollution Control Board in March still stands,” said a note by India Infoline Ltd. Sterlite …

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