Seeking Legal Advice In Elan Civil Dispute: PVR
PVR says it terminated pacts after Elan had misrepresented facts.
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.
Last year, PVR was approached by the Elan group offering multiplex space in certain projects to be developed in the city, the company said. The parties then entered into a Memorandum of Understanding for the same.
The multiplex operator said it was forced to terminate the MoU after Elan group had misrepresented facts. “A civil dispute is currently pending between the parties in this regard,” PVR 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 MoUs.”
It alleged that PVR “hatched a well-planned conspiracy with the malafide intent to lure investors so as to increase the share value and worth”.
