UFO Moviez settles patent dispute with Real Image Media Tech

UFO Moviez India on Tuesday informed the exchanges that it has settled a dispute with Real Image Media Technologies. 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 said. Shares of UFO Moviez gained 2.4 per cent at ₹535 on the BSE.