Mamaearth parent Honasa clarifies that it has no assets in the UAE
The clarification was issued a day after the omnichannel beauty and personal care company shared, in a regulatory filing, that a Dubai court had upheld its previous order to attach the company’s UAE assets.
Mamaearth parent company Honasa Consumer Limited stated on Saturday that it has no assets in the United Arab Emirates (UAE). This additional clarification was issued in relation to its ongoing litigation with RSM General Trading LLC, a former distributor of Mamaearth products in the MENA (Middle East and North Africa) region.
The clarificatory statement was issued a day after the omnichannel beauty and personal care company shared, in a regulatory filing, that a Dubai court had upheld its previous order to attach the company’s UAE assets.
“RSM filed a precautionary attachment application for attaching assets of the company. However, to clarify the order on 3rd October 2024, there shall be no attachment of the company assets, as the company (Honasa Consumer Limited) has no assets located in UAE,” Honasa said in a regulatory filing on Saturday.
“Honasa Consumer General Trading LLC (subsidiary of Honasa Consumer Limited) has been exempted from this order,” it added.
The Dubai court has rejected the grievance statements filed by both Honasa and RSM General. RSM General's grievance, which sought to cancel the trading licence of Honasa Consumer General Trading LLC in Dubai, UAE, was rejected on the grounds that Honasa Consumer General Trading LLC is a separate legal and financial entity unrelated to Honasa.
The beauty and personal care firm stated that it had filed a Section 9 petition before the Delhi High Court, seeking an ad-interim injunction. The court granted the injunction and ordered RSM to withdraw the execution proceedings in the UAE and deposit Rs 57 crore into its registry. This amount will be released to Honasa upon successful execution of proceedings in Dubai.
As RSM has not complied with the order, Honasa will file a contempt petition against RSM in the Delhi court for this non-compliance, the company’s statement noted.
Honasa, which owns brands including Mamaearth, The Derma Co., and Aqualogica, reported a net profit of Rs 40.26 crore in Q1 FY25, up 63% year-on-year. Its operating revenue in the same period rose 19% year-on-year to Rs 554 crore.
Edited by Swetha Kannan
