UFO Moviez: Arbitrator dismisses interim plea, Agreement terminated

UFO Moviez India Limited's arbitral proceedings with TSR Films Private Limited have seen the Sole Arbitrator dismiss an interim application. This dismissal, on technical grounds, withdraws the earlier status quo order, leading to the termination of the Advertisement Agreement. The company states no costs or monetary liabilities have been imposed. The order does not adjudicate the merits of the main case, leaving claims and counterclaims pending. UFO Moviez is evaluating the order with legal advisors to protect its interests, noting the arrangement was generating negative returns due to execution issues.