Announcement of receiving a request for joinder from
VarrocCorp Holding BV.
Date of events
2022/03/31
To which item it meets
paragraph 51
Statement
1.Date of occurrence of the event:2022/03/31
2.Company name:T.Y.C. Brother Industrial Co., Ltd.
3.Relationship to the Company (please enter "head office" or
"subsidiaries"):head office
4.Reciprocal shareholding ratios:NA
5.Cause of occurrence:
Beste Motor Co. Ltd. ("Beste"), a subsidiary of the Company, and
VarrocCorp Holding BV, a subsidiary of Varroc Engineering Limited,
a listed company in India, are parties to an ongoing ICC arbitration.
Their disputes arise under the Shareholders Agreement, Alliance Agreement,
and the Transition Management Agreement, and relate to the operation of
the joint venture company Varroc TYC Corporation.
Regarding the same arbitration event, Beste has responded to
VarrocCorp Holding BV's claims, filed counterclaims against
VarrocCorp Holding BV, and requested joinder of Varroc Engineering Limited
to the arbitration. Subsequently, VarrocCorp Holding BV requested
joinder of the Company as a respondent in the same arbitration event
on February 23, 2022, and the Company received the ICC notice for
such request on March 31, 2022.
6.Countermeasures:
Beste Motor Co. Ltd., a subsidiary of the Company, has filed counterclaims
in the arbitration proceedings, claiming that Varroc Engineering Limited and
VarrocCorp Holding BV have violated the Shareholders Agreement and
Alliance Agreement, and that Beste Motor Co. Ltd. is entitled to acquire
the shares in the joint venture company held by VarrocCorp Holding BV.
Beste Motor Co. Ltd. is discussing other related corresponding measures
with lawyers.
7.Any other matters that need to be specified:
（1）The Company received the electronic documents of the request for
joinder on March 31, 2022. This is the same arbitration event which
the Company has disclosed for Beste on December 3, 2021, and
the Company has appointed Lee & Li Attorneys-at-law and Singapore
lawyers to handle the related matters.
（2）This arbitration relates to disputes between the shareholders of
the joint venture company, including their entitlement to purchase
and/or sell their respective shares of the joint venture company.
The arbitral tribunal, which has not yet been constituted,
will ultimately determine the parties'disputes. There is no
significant impact to the finance and business of the Company or Beste.
Attachments
Original Link
Original Document
Permalink
Disclaimer
TYC Brother Industrial Co. Ltd. published this content on 31 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 March 2022 08:05:11 UTC.
T.Y.C BROTHER IND. CO., LTD. is a Taiwan-based company principally engaged in the manufacture, processing and distribution of automobile parts. The Company provides automobile lamps, motorcycle lamps, automobile mirrors, air conditioning blowers, cooling fan assemblies, condensers, radars, starters, alternators, cabin air filters, window regulators and others. In addition, it provides energy saving lighting products. The Company mainly distributes its products to overseas markets, including the Americas, Europe, other Asian markets and others.
TYC BROTHER INDUSTRIAL CO., LTD. 