SPI Cinemas, a leading player in the film exhibition business in Tamil Nadu and a household name in theatre business in Chennai, has sold its swanky 11-screen multiplex Luxe situated in Phoenix Market City, Velachery, to Jazz Cinemas.
According to the documents accessed by The Hindu from the Ministry of Corporate Affairs website, Jazz Cinemas Private Limited was formerly known as M/S Hot Wheels Engineering Private Limited. Hot Wheels Engineering Private Limited was incorporated in 2005.
It is also learnt from the documents that the change of name was executed after an ‘extra-ordinary’ general meeting on July 17, 2014, in the presence of V.K. Sasikala and her relative, J. Ilavarasi. The latter subsequently chaired the meeting and the resolutions passed were seconded by V.K. Sasikala.
Here is a snapshot of the minutes of the meeting:
The documents also show that the company’s ‘Memorandum of Association’ was also altered to state that the company would ‘produce, distribute and exhibit motion pictures of all kinds’ among other things. It is pertinent to recall here that Luxe was thrown open to the public in March last year after much delay in getting safety clearances from police. The deal, which has been in the offing for a while, was made apparent recently as patrons of Luxe were redirected from SPI Cinemas’s website to another website: jazzcinemas.com.
Officials of SPI Cinemas or Jazz Cinemas couldn't be reached for comment but sources in the entertainment industry say that the deal was closed earlier this year and that the valuation would definitely be high as Luxe has 11 screens.
What is clear from the documents is that the directors of Jazz Cinemas, Karthikeyan Kaliaperumal and Sivakumar Koothaippar Sathiamoorthy, are also directors of Midas Golden Distilleries Private Limited.
Earlier this year, some sections of the media reported that PVR Cinemas was trying to acquire SPI Cinemas in a deal that was valued somewhere between Rs. 600-1,000 crores. SPI Cinemas was the first to introduce DCI-compliant digital screens, install Dolby Atmos and also the first in Asia to install Auro 3D.
Here are the documents which show clearly that the directors of Jazz Cinemas are also directors of Midas Golden Distilleries Private Limited.
Document 1 >
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Read the >full Minutes of the extra-ordinary general meeting of M/S Hot Wheels Engineering Pvt. Ltd |
Document 2 >
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The documents also show that the company’s ‘Memorandum of Association’ was also altered to state that the company would ‘produce, distribute and exhibit motion pictures of all kinds’ among other things. |
Document 3 >
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What is clear from the documents is that the directors of Jazz Cinemas, Karthikeyan Kaliaperumal and Sivakumar Koothaippar Sathiamoorthy, are also directors of Midas Golden Distilleries Private Limited. |
This article has been edited for a factual error.
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