PVR calls off DT Cinema deal

“The 60-day period and the mutually extended period have elapsed and the condition precedents for the acquisition have still not been satisfied,” it said,adding the two parties have mutually agreed not to further extend the period to complete the deal.

When contacted,DLF spokesperson declined to comment.

As part of an deal,estimated to be around Rs 60 crore,signed last November,PVR was to pay Rs 20.20 crore in cash and issue 25.57 lakh shares on a preferential basis to DT Cinemas.

The issue of preferential shares was,however,subject to completion of certain pending compliances by DT Cinemas. The companies on January 27 agreed to extend date to February 15.

Earlier,reports suggested the deal hit a roadblock over differences between the two firms though both the companies had denied it.