UFO Moviez declines 6% as NCLT dismiss petition for scheme of amalgamation

The company is currently in the process of exploring its options pursuant to the order of the NCLT.

Share price of UFO Moviez India declined 6 percent intraday Tuesday after NCLT dismissed the petition for the approval of scheme of amalgamation.

National Company Law Tribunal, Mumbai bench (NCLT) on January 21, 2019, has dismissed the petition filed jointly by the company and PJSA before the NCLT for the approval of the scheme.

The copy of the final order from the NCLT is awaited. The company is currently in the process of exploring its options pursuant to the order of the NCLT.

The company had filed the petition for scheme of arrangement and amalgamation amongst UFO Moviez India, Qube Cinema Technologies, Qube Digital Cinema, Moviebuff, PJSA Technosoft and their respective shareholders and creditors.

At 11:00 hrs UFO Moviez India was quoting at Rs 254.95, down Rs 5.05, or 1.94 percent on the BSE.

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