HSIL Takes ICICI Securities to Court Over Misleading Research Report

In what seems to be a rare case, HSIL Limited, owners of the leading sanitaryware brand – Hindware – has sued brokerage firm ICICI Securities for a misleading research report. The report stated that Jaquar has become India’s number one sanitaryware brand. According to HSIL, the report by ICICI Securities led to "widespread defamation" of HSIL and "disparagement of its products and brand".

The report was based on complete falsehood to substantially lower and damage the reputation and goodwill of the company, HSIL claimed. The report was also uploaded by Jaguar & Company on its Linkedin account.

It is upon the failure of ICICI Securities to withdraw the report and issue a clarification as to the ‘false and misleading' contents of the said report, HSIL filed legal a suit titled HSIL Ltd. & Anr Vs ICICI Securities & Ors' at the Delhi High Court. “A highly defamatory, libelous, false, disparaging and malicious report published by ICICI Securities Ltd. titled 'Jaquar pips HSIL; becomes India' No.1 sanitaryware brand' on 28th April 2020 which was intended to be read by the public and it was widely publicised to all their clients, thereby leading to widespread defamation of the HSIL Ltd. (now Brilloca Ltd. post demerger) (hereinafter referred to as Company) and disparagement of its products and brand," HSIL said in a filing. It also stated that the Delhi HC vide the above said order directed deletion of the report from Linkedin by Jaquar & Company Pvt  Ltd.

According to HSIL the report by ICICI Securities was brought to the notice of the company on April 28 whereby the company contacted the concerned persons at ICICI Securities and brought to their notice the fallacies and illegalities of their report. Further, on May 6, ICICI Securities, after acknowledging the incorrect data in its report, suo moto published an addendum (second report) to its false report to cover and save its reputation. 

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