Seeking legal advice in Elan civil dispute: PVR
Multiplex operator PVR today said it is seeking legal advice with regard to an order passed by judicial magistrate of Gurugram to register an FIR based on two complaints made by realty firm Elan group.
In a regulatory filing, the company said the allegations made by Elan are "incorrect and baseless" and have been made with the sole intention to malign PVR and tarnish its image.
PVR said last year it was approached by the Elan group offering multiplex space in certain projects to be developed in the city. The parties entered into an MoU for the same.
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The company claimed that Elan had misrepresented the facts and therefore it was constrained to terminate the MoU.
"A civil dispute is currently pending between the parties in this regard," it said adding that the company is seeking legal advice with regard to the order passed by judicial magistrate, Gurugram.
Elan, however, claimed that after investigations it was found that "PVR never had any intention of taking on lease the proposed multiplex which was to be developed in terms of the aforesaid MOU's."
It alleged that PVR "hatched a well-planned conspiracy with the malafide intent to allure investors so as to increase the share value and worth".
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)