IL&FS/ICICI domain name case settlement soon |
Our Mumbai Bureau
INVESTSMART India, the web broking subsidiary of IL&FS, and ICICI appear to be heading for an out-of-court settlement over the issue of usage of the investmartindia.com domain name. Investsmart India is believed to have urged ICICI, which registered the disputed domain name, to transfer rights to it. ICICI is not averse to such an idea as it is not in a mood to trigger off a long legal battle.
Earlier this month, the Bombay High Court turned down a plea by Investsmart India for an interim injunction against ICICI using the domain name investmartindia.com on the ground that it was deceptively similar to its own site investsmartindia.com .
While sticking to its rights over the domain name, ICICI said Investsmart had chosen to sue even before a meeting could be fixed between the two companies to sort out the dispute. Following the order, Investsmart India said that it would appeal.
Sources said since then Investsmart India had approached ICICI requesting transfer of the investmartindia.com domain rights. The exact state of the negotiations could not be ascertained as ICICI officials refused to comment on the ground that the matter was sub-judice. Senior executives of investsmart were out of station.
ICICI officials had earlier said that a litigation was thrust on them without giving them an opportunity to sort matters out through mutual discussion.
The line of thinking in the two institutions is now to focus on promoting their respective websites for internet broking instead of prolonging the dispute.
ICICI has commenced e-broking through its website icicidirect.com , which was launched last month. economictimes.com