GURUGRAM: The Punjab and Haryana high courtroom has refused to quash two FIRs filed in opposition to the directors of PVR Cinemas on charges of forgery and cheating, and referred the subject to the mediation and conciliation centre of the courtroom.
PVR Cinemas is accused of entering into two MoUs with Gurgaon-based Elan Buildcon for taking commercial area on hire for multiplexes in sectors 67 and 80 and then unexpectedly terminating the agreements, thus causing losses to the tune of Rs 500 crore to Elan.
The two FIRs had been filed below sections 420 (cheating), 406 (forgery) and 120B (criminal conspiracy) of the IPC at Sushant Lok police station on November 23 at the instruction of the judicial Justice of the Peace (First Class) on November 17 after developer Elan moved the native courtroom in opposition to PVR Cinemas.
In its criticism, Elan claimed that once repeated assurances from PVR Cinemas, it had agreed to hire out commercial areas in its initiatives — Elan Tower Centre in Sector 67 and Mercado in Sector 80 — and make relevant changes within the construction plans.
For the aim, the 2 sides inked MoUs in May 2016 for leasing 50,000 sqft in Elan Tower Centre and 32,000 sqft in Mercado. Elan took important approvals and invested within the said initiatives to house PVR's proposed multiplexes. However, in September this yr, the film leisure corporate terminated the contracts, causing large losses to Elan.
Elan additional alleged that upon investigation, it was once found that PVR by no means had any purpose to take the 2 commercial areas on hire, as mentioned within the aforesaid MoUs. It added that PVR had hatched a well-planned conspiracy with a mala fide intent to attract buyers so to increase its share values of PVR and promote its stakes within the world market.
Soon after the police filed the case, PVR Cinemas moved the high courtroom for quashing of the FIRs. But, justice Shekhar Dhawan, in his order on December 18, rejected the plea. However, he noticed that the counsels representing the 2 parties had submitted that they had been willing to discover the potential for agreement. As such, the subject has been referred to the mediation and conciliation centre of the courtroom.
"We have full faith in the judiciary system and are confident that justice will ultimately be prevailed," said Ganesh Kamath, counsel for Elan Buildcon.
TOI approached PVR Cinemas for its reaction at the courtroom order, nevertheless it refused to comment.
PVR Cinemas is accused of entering into two MoUs with Gurgaon-based Elan Buildcon for taking commercial area on hire for multiplexes in sectors 67 and 80 and then unexpectedly terminating the agreements, thus causing losses to the tune of Rs 500 crore to Elan.
The two FIRs had been filed below sections 420 (cheating), 406 (forgery) and 120B (criminal conspiracy) of the IPC at Sushant Lok police station on November 23 at the instruction of the judicial Justice of the Peace (First Class) on November 17 after developer Elan moved the native courtroom in opposition to PVR Cinemas.
In its criticism, Elan claimed that once repeated assurances from PVR Cinemas, it had agreed to hire out commercial areas in its initiatives — Elan Tower Centre in Sector 67 and Mercado in Sector 80 — and make relevant changes within the construction plans.
For the aim, the 2 sides inked MoUs in May 2016 for leasing 50,000 sqft in Elan Tower Centre and 32,000 sqft in Mercado. Elan took important approvals and invested within the said initiatives to house PVR's proposed multiplexes. However, in September this yr, the film leisure corporate terminated the contracts, causing large losses to Elan.
Elan additional alleged that upon investigation, it was once found that PVR by no means had any purpose to take the 2 commercial areas on hire, as mentioned within the aforesaid MoUs. It added that PVR had hatched a well-planned conspiracy with a mala fide intent to attract buyers so to increase its share values of PVR and promote its stakes within the world market.
Soon after the police filed the case, PVR Cinemas moved the high courtroom for quashing of the FIRs. But, justice Shekhar Dhawan, in his order on December 18, rejected the plea. However, he noticed that the counsels representing the 2 parties had submitted that they had been willing to discover the potential for agreement. As such, the subject has been referred to the mediation and conciliation centre of the courtroom.
"We have full faith in the judiciary system and are confident that justice will ultimately be prevailed," said Ganesh Kamath, counsel for Elan Buildcon.
TOI approached PVR Cinemas for its reaction at the courtroom order, nevertheless it refused to comment.
HC refuses to quash FIRs against PVR
![HC refuses to quash FIRs against PVR]()
Reviewed by Kailash
on
December 23, 2017
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