The Indian promoters - D K Singhania, L K Singhania, Sanjiv Shriya and others - contented through their counsel Yogendra Swarup that Piaggio C.S.P.A., a 100 per cent subsidiary of Piaggio, has not made any declaration before the registrar of companies.

In July, the Singhanias, holding 23.6 per cent stake in the country's second largest scooter maker, had moved the Kanpur court seeking orders to acquire 23.6 per cent stake of Piaggio.

The Singhanias had cited a clause in the joint venture agreement based on which Indian promoters enjoyed the right to acquire shares of Piaggio following the death of its owner Giovanni Agnelli in December last year.