The management of UFO Moviez India Limited has considered and approved the termination of the company's joint venture agreements, each dated July 06, 2023, executed with Qube Cinema Technologies Private Limited.
The agreements were entered into for undertaking the businesses of selling advertisement inventory and mastering of digital content, jointly by the UFO Moviez and Qube.
After the execution of the agreements, UFO Moviez and Qube engaged in several discussions to decide various matters relating to operation and conduct of the business and governance of the proposed joint venture companies.
However, they were unable to reach a consensus on certain matters including, in particular, the management structure of the joint venture companies.
The termination letters were executed on January 4, 2024.