Last week, TVS unveiled seven new products, including a new 125 cc bike, Flame, which Bajaj, India's second-largest motorbike maker, said used the same Digital Twin Spark (DTS) technology, that it had developed and patented in 2002.
On Saturday Bajaj CEO S. Sridhar had said his company was preparing to take immediate legal action against TVS for what he said was a violation of intellectual property rights of his company.
"The accusation is a malicious attempt to tarnish the fair name of a corporate that belongs to the TVS group, which has consistently maintained the highest standards of ethics in business," TVS said in a statement on Sunday.
TVS has advised its lawyers to issue a notice to Bajaj Auto that unless the allegations are withdrawn and regrets expressed, it would file a suit for damages worth 2.5 billion rupees.
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