PVR terminates the deal to buy DLF Group Company — ???DT Cinemas???
PVR has informed that it has decided to terminate the agreement to acquire real estate developer DLF???s exhibition hall business, DT Cinemas.
In accordance with the terms of the Business Transfer Agreement (BTA) for the acquisition, the agreement stands automatically terminated if the conditions precedent for the acquisition are not satisfied within 60 days of the date of acquisition agreement, unless such period has been mutually extended by the parties to the acquisition agreement. The parties had, mutually agreed to extend the time for completion of the conditions precedent by DT Cinemas until February 15, 2010.
Further, PVR has informed that the mutually extended period has elapsed and the conditions precedent for the acquisition has still not been satisfied. Thus, the parties to the acquisition agreement have mutually agreed not to further extend the period for completion of the conditions precedent under the acquisition agreement.
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