'Luxe Cinemas given on Rent, Not Sold'
CHENNAI: Categorically denying reports that appeared in a section of the media that Luxe Cinemas, the 11-screen multiplex theatre at Velachery had been sold for `1,000 crore to Jazz Cinemas Private Limited, the Mumbai-based Classic Mall Development Company Private Ltd that owns the theatre, on Thursday said it was only given it for monthly rent for a certain period.
“Reports in a section of newspapers and television channels in this regard are baseless and factually wrong. Classic Mall continues to own the multiplex theatre and Jazz Cinemas is merely a licensee for the duration of thelicense term and has to hand over the multiplex in as is where is condition on the expiry of the license term,” the Classic Mall said in a statement. Further it added that the the clarification was being issued to ensure that the public get the right picture about the developments.
The statement also said that the Classic Mall had constructed a shopping mall at Velachery - Phoenix Market City Chennai - and Classic Mall was granted Form N License by Tamil Nadu government for constructing 11-screen multiplex cinema theatre in the shopping mall.
“Classic Mall currently has a Leave License arrangement with Jazz Cinemas Private Limited to run the multiplex theatre from February 1, 2015 to December 14, 2020 by payment of license fees on monthly basis, which is being paid by Jazz Cinemas from February this year,” the statement pointed out.