Setback for Sachin in Home Trade Dues Case

The High Court on Thursday quashed a case against a former non-executive director of Home Trade, the disgraced ‘financial services’ company that owes Sachin Tendulkar `2.2 crore for endorsing its products.

Published: 09th December 2013 10:24 AM  |   Last Updated: 09th December 2013 10:24 AM   |  A+A-

The High Court on Thursday quashed a case against a former non-executive director of Home Trade, the disgraced ‘financial services’ company that owes Sachin Tendulkar `2.2 crore for endorsing its products.

The court suggested legal action be initiated against the company’s executive directors, and not professionals who had been associated with it in a non-executive capacity.

For the past 11 years, the cricketing icon has been fighting a legal battle in Bangalore to collect his endorsement fee dues.

In 2002, his agents, Bangalore-based Worldtel Sports, filed a case in a Bangalore court against the directors of Home Trade after two cheques issued to Sachin bounced.

On July 13, 2000, Home Trade and Tendulkar had entered into an agreement which expired on October 11, 2001. They then entered into another agreement on October 12, 2001, in which Tendulkar granted permission to the company to continue using his endorsements for a further year. The cricketer also offered to “act as a model” for the promotion of their products.

After accepting the grant of rights by Tendulkar, Home Trade agreed to pay him  `4 crore, but two cheques, for `1.11 crore each, bounced.

When Tendulkar tried to contact the Home Trade top brass, they allegedly evaded him. His lawyers then sent notices to Home Trade Chaiman Sanjay Agarwal, Executive Director N S Trivedi and seven other directors, but the letters came back with the postal message ‘Not claimed. Return to sender’.

A magistrate court then initiated criminal proceedings against the directors. Manoj Shah, one of the directors, had filed a petition in the High Court, saying he had worked for the company in a non-executive, advisory capacity.

The court ruled on Thursday that action should be initiated against the top management of Home Trade, and not against non-executive directors.

Home Trade had spent  `20 crore on a launch blitz featuring celebrities like Tendulkar, Hrithik Roshan and Shah Rukh Khan. Within two years, the company collapsed after allegedly duping 20 co-operative banks.

Sanjay Agarwal allegedly took `400 crore from the banks to buy government securities on their behalf, and failed to hand over the gilts to them. Agarwal and Executive Trivedi continue to elude the police.

Stay up to date on all the latest Bengaluru news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp