UFO Moviez India has settled a dispute with Real Image Media Technologies (RIMT). The company had received a legal notice on February 9, 2015, from RIMT for two patents used by the company. As per legal advice, UFO Moviez had immediately initiated revocation proceedings before the Intellectual Property Appellate Board, (IPAB), Chennai. Subsequently in April 2015, UFO Moviez had received proposals from RIMT to resolve the dispute through discussions on mutually acceptable terms.
Accordingly, UFO Moviez withdrew the revocation petitions. As a result of the negotiations, both the firms, on May 9, arrived at an agreement, which settles all disputes between the parties. The agreement is binding on both parties and is effective from April 1, 2016 till September 30, 2022. The aggregate annual expense on account of this co-existence agreement is not material.
UFO Moviez India was incorporated as ‘Valuable Media Private Limited’. The company is India’s largest digital cinema distribution network and in-cinema advertising platform (in terms of numbers of screens), as at October 31, 2014.
| Company Name | CMP |
|---|---|
| PVR | 938.05 |
| Saregama India | 344.55 |
| Shemaroo Entertain. | 105.35 |
| Balaji Telefilms | 94.39 |
| UFO Moviez | 72.06 |
| View more.. | |
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