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In relation to Joint venture between COELME, Italy and S&S Power Switchgear Ltd have revisited the commercial arrangements and commercially agreed to terminate the Joint Venture agreement and other related Agreements.
Accordingly, the Parties have entered into a Share Purchase Agreement pursuant to which the Parties agreed that the Joint Venture Agreement and consequently all other related agreements signed in relation thereto would be terminated and ceased to have any force or effect from Jan 12th, 2018.
S&S Power Switchgear Equipment Ltd is now fully controlled and managed by S&S Power Switchgear Ltd and no relationship whatsoever exists between COELME and S&S Power Switchgear Ltd and S&S Power Switchgear Equipment Ltd.
S&S Power Switchgear Equipment Ltd and S&S Power Switchgear Ltd shall henceforth forbear from using, retaining or otherwise exploiting, directly or indirectly, any of the intellectual property rights of COELME.