Cinepolis India growth plans intact

Multiplex chain Cinepolis India, which has been in legal dispute with its former Managing Directors — Milan Saini and Deepak Marda — since March, said the dispute would not affect its growth plans in the country. In a statement issued on Wednesday, Javier Sotomayor, the current Managing Director said: “Litigation is being handled diligently in co-ordination with our legal advisors and in our opinion we have robust elements for obtaining favourable resolutions on the merits of the dispute. We believe that in retrospective this dispute will be seen as minor interference in our company’s history in the country.” Former MDs Saini and Marda have been seeking equity in Cinepolis India, citing commitments made in the 2007 agreement by the Mexico-based promoter company Cinepolis. The litigation is on and the two had in August also filed a police complaint against the company and four of its directors alleging forgery, cheating, falsification of accounts and criminal conspiracy.