Dispute resolved with Elan Group: PVR

PVR | Gemasia bought 4.25 lakh equity shares at Rs 1,265.67 per share on the NSE.

Leading multiplex operator PVR today said it has "amicably resolved" dispute with the Elan Group over development of multiplexes in Gurgaon and has decided to withdraw pending legal proceedings.

Both, PVR and Elan have reached a revised understanding with respect to leasing the multiplexes in commercial projects being developed by Elan group in Sector 80, Sector 67 and Sector 84 in Gurgaon, PVR said in a regulatory filing.

"We are pleased to inform you that PVR Limited and Elan Group have amicably resolved all differences and disputes which had arisen between the parties on account of misunderstandings in relation to MoUs pertaining to development of multiplexes in Gurgaon," PVR said.

"The parties have now mutually agreed and already initiated steps to withdraw all pending legal proceedings against their respective organisations as well as against their directors/officials," it further added.

Both the parties had initiated multiple legal proceedings against each other under both civil and criminal laws.

"The parties have now mutually agreed and already initiated steps to withdraw all pending legal proceedings against their respective organizations as well as against their directors/officials," it said.

Earlier, in November last year, Gurgaon Police had registered an FIR against PVR Cinemas, and its promoters and directors on charges of cheating and forgery on the directions of the Gurgaon civil court.

Its promoters Ajay Bijli, Sanjeev Kumar Bijli, Niharika Bijli and eight other persons were booked under relevant sections of the IPC for selling stocks at inflated value of Rs 820 crore illegally and causing loss to Gurgaon-based real estate companies.