Termination of contract with Quess Corp. confirmed?
Last Updated 7:25 PM 17th July 2020 .
Finally, the news that was along due for all East Bengal FC fans have come in – Quess Corp. has officially announced to the National Stock Exchange and Bombay Stock Exchange that their board has approved the termination of Shareholders Agreement with East Bengal club and the company.
This would mean the East Bengal Club has acquired the Sporting rights and NOC to form new company in future.
In the annexure A- 11, it is mentioned:
- Club has agreed to sell, assign, transfer and deliver free and clear of all encumbrance 30% of shares held by Club’s nominees in QEBFC to the Company and its nominee, for an aggregate cash consideration of INR 1,000 (Indian Rupees One Thousand
only), subject to the terms and conditions set out in the Termination Agreement.
- Revert of Club business to the Club from QEBFC
- Club’s nominee Directors resigned from the Board of QEBFC in terms of the Termination Agreement.
We expect the club will also schedule a formal announcement of the termination of partnership with the investing group in coming days and let know the next plans to the supporters who are eagerly waiting for some positive announcements from the club’s executive committee.