Senior civil judge AK Jain stated in his 27-page order that there was no cause for transferring the case to ICC, which cropped up after Singhanias moved the court to acquire the share of the Italian company in the joint venture.

Singhanias, who hold 23.6 per cent stake in the second largest scooter maker, had moved the Kanpur court to acquire Piaggio's equivalent share in the company after the death of its owner Giovanni Agnelli in December last year.

The Indian promoters cited a clause in the joint venture agreement to claim their right to acquire shares of Piaggio. Piaggio, however, stoutly opposed Singhanias move saying that their interpretation of the clause was wrong.

"Piaggio will oppose such interpretation of the jointventure agreement in all the necessary form in order to safeguard its position, as India continues to represent a strategically important position in the ambit of Piaggio's international presence," the company's Indian representative Mario Emprin had said.