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DRAFT RED HERRING PROSPECTUS December 18, 2014 Please read Section 32 of the Companies Act, 2013 This Draft Red Herring Prospectus will be updated upon filing of the Red Herring Prospectus with the RoC Book Built Offer UFO MOVIEZ INDIA LIMITED Our Company was incorporated as ‘Valuable Media Private Limited’ under the provisions of the Companies Act, 1956 pursuant to a certificate of incorporation dated June 14, 2004 issued by the Registrar of Companies, Maharashtra at Mumbai. For further details in relation to changes to our name, status and registered address, see “History and Certain Corporate Matters” on page 191 of this Draft Red Herring Prospectus. Corporate Identity Number: U22120DL2004PLC164728 Registered Office: 1 - B, Sagar Apartments, 6 Tilak Marg, New Delhi 110 001, India. Tel: +91 (11) 4575 0002; Fax: +91 (11) 4575 0099, Website: www.ufomoviez.com Corporate Office: Valuable Techno Park, Plot No. 53/1, Road No. 7, MIDC, Marol, Andheri East, Mumbai 400 093, India. Tel: +91 (22) 4030 5060, Fax: +91 (22) 4030 5110 Contact Person: Mr. Sameer Chavan (Company Secretary and Compliance Officer); Tel: +91 (22) 4030 5060; Fax: +91 (22) 4030 5124; E-mail: [email protected] PROMOTERS OF OUR COMPANY: MR. SANJAY GAIKWAD, MR. NARENDRA HETE, VALUABLE MEDIA LIMITED, VALUABLE TECHNOLOGIES LIMITED AND APOLLO INTERNATIONAL LIMITED. INITIAL PUBLIC OFFERING OF [●] EQUITY SHARES OF FACE VALUE OF ` 10 EACH (“EQUITY SHARES”) OF UFO MOVIEZ INDIA LIMITED (THE “ISSUER” OR THE “COMPANY”) FOR CASH AT A PRICE OF ` [●] PER EQUITY SHARE INCLUDING A SHARE PREMIUM OF ` [●] PER EQUITY SHARE, AGGREGATING UP TO ` 7,500 MILLION (THE “OFFER”) THROUGH AN OFFER FOR SALE BY THE SELLING SHAREHOLDERS (AS DEFINED HEREINAFTER). THE OFFER SHALL CONSTITUTE [●]% OF THE FULLY DILUTED POST-OFFER PAID UP EQUITY SHARE CAPITAL OF OUR COMPANY. THE PRICE BAND, ANY RETAIL DISCOUNT* AND THE MINIMUM BID LOT WILL BE DECIDED BY THE COMPANY, 3I RESEARCH (MAURITIUS) LIMITED (“3I RESEARCH”), P5 ASIA HOLDING INVESTMENTS (MAURITIUS) LIMITED (“P5”), AND THE PROMOTER SELLING SHAREHOLDERS (BEING MR. SANJAY GAIKWAD, MR. NARENDRA HETE, VALUABLE MEDIA LIMITED AND VALUABLE TECHNOLOGIES LIMITED) IN CONSULTATION WITH THE GLOBAL COORDINATORS AND BOOK RUNNING LEAD MANAGERS AND THE BOOK RUNNING LEAD MANAGERS (COLLECTIVELY “MANAGERS”), AND ADVERTISED IN [●] EDITIONS OF [●], AND [●] EDITIONS OF [●] (WHICH ARE WIDELY CIRCULATED ENGLISH AND HINDI NEWSPAPERS, HINDI BEING THE REGIONAL LANGUAGE OF NEW DELHI, WHERE OUR REGISTERED OFFICE IS LOCATED) AT LEAST FIVE WORKING DAYS PRIOR TO THE OFFER OPENING DATE IN ACCORDANCE WITH THE SECURITIES AND EXCHANGE BOARD OF INDIA (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2009, AS AMENDED (THE “ICDR REGULATIONS”) AND SUCH ADVERTISEMENT SHALL BE MADE AVAILABLE TO BSE LIMITED (“BSE”) AND NATIONAL STOCK EXCHANGE OF INDIA LIMITED (“NSE”) FOR THE PURPOSE OF UPLOADING ON THEIR RESPECTIVE WEBSITES. * Discount of ` [●] to the Offer Price may be offered to Retail Individual Investors (“Retail Discount”). THE FACE VALUE OF THE EQUITY SHARES IS ` 10 EACH AND THE OFFER PRICE IS [●] TIMES THE FACE VALUE OF THE EQUITY SHARES In case of revision in the Price Band, the Offer Period will be extended for a minimum of three additional Working Days after revision of the Price Band subject to the Offer Period not exceeding 10 Working Days. Any revision in the Price Band and the revised Offer Period, if applicable, will be widely disseminated by notification to the NSE and the BSE, by issuing a press release, and also by indicating the change on the websites of the Managers and at the terminals of the Syndicate Members and Registered Brokers and by intimation to Self Certified Syndicate Banks (“SCSBs”). In terms of Rule 19(2)(b)(i) of the Securities Contracts (Regulation) Rules, 1957, as amended (“SCRR”) read with Regulation 41 of the ICDR Regulations, this is an offer for at least 25% of the post- Offer capital and is being made through the Book Building Process, wherein 50% of the Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs”). Provided that our Company, 3i Research, P5 and the Promoter Selling Shareholders, in consultation with the Managers, may allocate up to 60% of the QIB Category to Anchor Investors on a discretionary basis out of which one-third shall be reserved for domestic Mutual Funds only subject to valid Bids being received from domestic Mutual Funds at or above the Anchor Investor Allocation Price. In the event of under-subscription in the Anchor Investor Portion, the remaining Equity Shares shall be added to the Net QIB Category. 5% of the Net QIB Category shall be available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the Net QIB Category shall be available for allocation on a proportionate basis to all QIBs, including Mutual Funds, subject to valid Bids being received at or above the Offer Price. Further, not less than 15% of the Offer shall be available for allocation on a proportionate basis to Non-Institutional Investors and not less than 35% of the Offer shall be available for allocation, in accordance with the ICDR Regulations, to Retail Individual Investors, subject to valid Bids being received at or above the Offer Price. All investors, other than Anchor Investors, can participate in the Offer through the Applications Supported by Blocked Amount (“ASBA”) process by providing the details of their respective bank accounts in which the corresponding Bid Amount will be blocked by the Self Certified Syndicate Banks (“SCSBs”). However, QIBs (excluding Anchor Investors) and Non-Institutional Investors are mandatorily required to submit their Bids by way of ASBA only. For details, see “Offer Procedure” on page 454 of this Draft Red Herring Prospectus. RISKS IN RELATION TO FIRST OFFER This being the first public offer of Equity Shares of our Company, there has been no formal market for the Equity Shares of our Company. The face value of the Equity Shares is `10 each. The Floor Price is [●] times of the face value and the Cap Price is [●] times of the face value. The Offer Price is [●] times of the face value. The Offer Price (as has been determined by the Company, 3i Research, P5 and the Promoter Selling Shareholders in consultation with the Managers, and justified as stated in the section “Basis for Offer Price” on page 125 of this Draft Red Herring Prospectus) should not be taken to be indicative of the market price of the Equity Shares after the Equity Shares are listed. No assurance can be given regarding an active and / or sustained trading in the Equity Shares or regarding the price at which the Equity Shares will be traded after listing. GENERAL RISKS Investments in equity and equity-related securities involve a degree of risk and investors should not invest any funds in the Offer unless they can afford to take the risk of losing their investment. Investors are advised to read the Risk Factors carefully before taking an investment decision in the Offer. For taking an investment decision, investors must rely on their own examination of the Company and the Offer, including the risks involved. The Equity Shares offered in the Offer have not been recommended or approved by the Securities and Exchange Board of India (“SEBI”), nor does SEBI guarantee the accuracy or adequacy of this Draft Red Herring Prospectus. Specific attention of the investors is invited to the section “Risk Factors” on page 22 of this Draft Red Herring Prospectus. COMPANY’S AND THE SELLING SHAREHOLDERS’ ABSOLUTE RESPONSIBILITY Our Company, having made all reasonable inquiries, accepts responsibility for and confirms that this Draft Red Herring Prospectus contains all information with regard to our Company and the Offer, which is material in the context of the Offer, that the information contained in this Draft Red Herring Prospectus is true and correct in all material aspects and is not misleading in any material respect, that the opinions and intentions expressed herein are honestly held and that there are no other facts, the omission of which makes this Draft Red Herring Prospectus as a whole or any of such information or the expression of any such opinions or intentions, misleading in any material respect. Each Selling Shareholder accepts responsibility only for statements made by such Selling Shareholder in this Draft Red Herring Prospectus and confirms that this Draft Red Herring Prospectus contains all information about itself as a Selling Shareholder and the Equity Shares offered by it in the Offer and that such statements are true and correct in all material respects and are not misleading in any material respect. LISTING The Equity Shares offered through the Red Herring Prospectus are proposed to be listed on NSE and BSE. We have received in-principle approvals from NSE and BSE for listing of our Equity Shares pursuant to letters dated [●] and [●] respectively. For the purposes of the Offer, [●] shall be the Designated Stock Exchange. GLOBAL COORDINATORS AND BOOK RUNNING LEAD MANAGERS REGISTRAR TO THE OFFER Axis Capital Limited 1st Floor, Axis House C-2, Wadia International Centre, P.B. Marg, Worli Mumbai 400 025 Maharashtra, India Telephone: + 91 (22) 4325 2183 Facsimile : +91 (22) 4325 3000 E-mail: [email protected] Website: www.axiscapital.co.in Investor grievance ID: [email protected] Contact person: Ms. Simran Gadh SEBI registration number: INM000012029 Citigroup Global Markets India Private Limited 1202, 12th Floor, First International Financial Centre, G-Block Bandra Kurla Complex, Bandra East, Mumbai 400 051 Maharashtra, India Telephone: + 91 (22) 6175 9999 Facsimile: + 91 (22) 6175 9961 E-mail: [email protected] Website: http://www.online.citibank.co.in/rhtm/citigroupglobalscreen1.htm Investor grievance ID: [email protected] Contact person: Mr. Ankit Srivastava SEBI registration number: INM000010718 Karvy Computershare Private Limited Plot no. 17 to 24 Vittal Rao Nagar, Madhapur Hyderabad 500 081 Telangana, India Telephone: +91 (40) 4465 5000 Facsimile: + 91 (40) 2343 1551 E-mail/Investor grievance ID: [email protected] Website: https:\\karisma.karvy.com Contact person: Mr. M Murali Krishna SEBI registration number: INR000000221 OFFER PROGRAMME FOR ALL BIDDERS: OFFER OPENS ON: [●] * FOR QIBS: OFFER CLOSES ON: [●] ** FOR RETAIL AND NON-INSTITUTIONAL INVESTORS OFFER CLOSES ON [●] *Our Company, 3i Research, P5 and the Promoter Selling Shareholders in consultation with the Managers, may consider participation by Anchor Investors in accordance with the ICDR Regulations. The Anchor Investor Bidding Date shall be one Working Day prior to the Offer Opening Date. ** Our Company, 3i Research, P5 and the Promoter Selling Shareholders in consultation with the Managers, may decide to close the Offer Period for QIBs one Working Day prior to the Offer Closing Date in accordance with the ICDR Regulations.

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DRAFT RED HERRING PROSPECTUS December 18, 2014 Please read Section 32 of the Companies Act, 2013 This Draft Red Herring Prospectus will be updated upon filing of the Red Herring Prospectus with the RoC Book Built Offer UFO MOVIEZ INDIA LIMITED Our Company was incorporated as Valuable Media Private Limited under the provisions of the Companies Act, 1956 pursuant to a certificate of incorporation dated June 14, 2004 issued by the Registrar of Companies, Maharashtra at Mumbai.Forfurther detailsin relation to changes to our name, status and registered address, see History and Certain Corporate Matters on page 191 of this Draft Red Herring Prospectus. Corporate Identity Number: U22120DL2004PLC164728 Registered Office: 1 - B, Sagar Apartments, 6 Tilak Marg, New Delhi 110 001, India. Tel: +91 (11) 4575 0002; Fax: +91 (11) 4575 0099, Website: www.ufomoviez.comCorporate Office: Valuable Techno Park, Plot No. 53/1, Road No. 7, MIDC, Marol, Andheri East, Mumbai 400 093, India. Tel: +91 (22) 4030 5060, Fax: +91 (22) 4030 5110 Contact Person: Mr. Sameer Chavan (Company Secretary and Compliance Officer); Tel: +91 (22) 4030 5060; Fax: +91 (22) 4030 5124; E-mail: [email protected] PROMOTERS OF OUR COMPANY: MR. SANJAY GAIKWAD, MR. NARENDRA HETE, VALUABLE MEDIA LIMITED, VALUABLE TECHNOLOGIES LIMITED AND APOLLO INTERNATIONAL LIMITED. INITIALPUBLICOFFERINGOF[]EQUITYSHARESOFFACEVALUEOF`10EACH(EQUITYSHARES)OFUFOMOVIEZINDIALIMITED(THEISSUERORTHE COMPANY)FORCASHATAPRICEOF`[]PEREQUITYSHAREINCLUDINGASHAREPREMIUMOF`[]PEREQUITYSHARE,AGGREGATINGUPTO`7,500 MILLION (THE OFFER) THROUGH AN OFFER FOR SALE BY THE SELLING SHAREHOLDERS (AS DEFINED HEREINAFTER). THE OFFER SHALL CONSTITUTE []% OF THE FULLY DILUTED POST-OFFER PAID UP EQUITY SHARE CAPITAL OF OUR COMPANY. THEPRICEBAND,ANYRETAILDISCOUNT*ANDTHEMINIMUMBIDLOTWILLBEDECIDEDBYTHECOMPANY,3IRESEARCH(MAURITIUS)LIMITED(3I RESEARCH),P5ASIAHOLDINGINVESTMENTS(MAURITIUS)LIMITED(P5),ANDTHEPROMOTERSELLINGSHAREHOLDERS(BEINGMR.SANJAYGAIKWAD,MR. NARENDRAHETE,VALUABLEMEDIALIMITEDANDVALUABLETECHNOLOGIESLIMITED)INCONSULTATIONWITHTHEGLOBALCOORDINATORSANDBOOK RUNNINGLEADMANAGERSANDTHEBOOKRUNNINGLEADMANAGERS(COLLECTIVELYMANAGERS),ANDADVERTISEDIN[]EDITIONSOF[],AND[] EDITIONSOF[](WHICHAREWIDELYCIRCULATEDENGLISHANDHINDINEWSPAPERS,HINDIBEINGTHEREGIONALLANGUAGEOFNEWDELHI,WHEREOUR REGISTEREDOFFICEISLOCATED)ATLEASTFIVEWORKINGDAYSPRIORTOTHEOFFEROPENINGDATEINACCORDANCEWITHTHESECURITIESAND EXCHANGEBOARDOFINDIA(ISSUEOFCAPITALANDDISCLOSUREREQUIREMENTS)REGULATIONS,2009,ASAMENDED(THEICDRREGULATIONS)ANDSUCH ADVERTISEMENTSHALLBEMADEAVAILABLETOBSELIMITED(BSE)ANDNATIONALSTOCKEXCHANGEOFINDIALIMITED(NSE)FORTHEPURPOSEOF UPLOADING ON THEIR RESPECTIVE WEBSITES. * Discount of ` [] to the Offer Price may be offered to Retail Individual Investors (Retail Discount).THE FACE VALUE OF THE EQUITY SHARES IS ` 10 EACH AND THE OFFER PRICE IS [] TIMES THE FACE VALUE OF THE EQUITY SHARES IncaseofrevisioninthePriceBand,theOfferPeriod willbeextendedforaminimumofthreeadditionalWorkingDaysafterrevisionofthePriceBandsubject to theOfferPeriodnot exceeding10 WorkingDays.AnyrevisioninthePriceBandandtherevisedOfferPeriod,ifapplicable,willbewidelydisseminatedbynotificationtotheNSEandtheBSE,byissuingapressrelease,andalsoby indicating the change on the websites of the Managers and at the terminals of the Syndicate Members and Registered Brokers and by intimation to Self Certified Syndicate Banks (SCSBs). In terms of Rule 19(2)(b)(i) of the Securities Contracts (Regulation) Rules, 1957, as amended (SCRR) read with Regulation41 of the ICDR Regulations, this is an offer for at least 25% of the post-OffercapitalandisbeingmadethroughtheBookBuildingProcess,wherein50%oftheOffershallbeavailableforallocationonaproportionatebasistoQualifiedInstitutionalBuyers(QIBs). ProvidedthatourCompany,3iResearch,P5andthePromoterSellingShareholders,inconsultationwiththeManagers,mayallocateupto60%oftheQIBCategorytoAnchorInvestorsona discretionary basis out of which one-third shall be reserved for domestic Mutual Funds only subject to valid Bids being received from domestic Mutual Funds at or above the Anchor Investor Allocation Price. In the event of under-subscription in the Anchor Investor Portion, the remaining Equity Shares shall be added to the Net QIB Category. 5% of the Net QIB Category shall be available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the Net QIB Category shall be available for allocation on a proportionate basis to all QIBs, including Mutual Funds, subject to valid Bids being received at or above the Offer Price. Further, not less than 15% of the Offer shall be available for allocation on a proportionate basis to Non-Institutional Investors and not less than 35% of the Offer shall be available for allocation, in accordance with the ICDR Regulations, to Retail Individual Investors, subject to valid Bids being received at or above the Offer Price. Allinvestors,otherthanAnchorInvestors,canparticipateintheOfferthroughtheApplicationsSupportedbyBlockedAmount(ASBA)processbyprovidingthedetailsoftheirrespectivebank accountsinwhichthecorrespondingBidAmountwillbeblockedbytheSelfCertifiedSyndicateBanks(SCSBs).However,QIBs(excludingAnchorInvestors)andNon-InstitutionalInvestorsare mandatorily required to submit their Bids by way of ASBA only. For details, see Offer Procedure on page 454 of this Draft Red Herring Prospectus. RISKS IN RELATION TO FIRST OFFER This beingthefirst public offer of EquityShares ofour Company, therehas beenno formal market for theEquity Shares ofour Company.Thefacevalue of theEquitySharesis`10 each. TheFloor Price is [] times of the face value and the Cap Price is [] times of the face value. The Offer Price is [] times of the face value. The Offer Price (as has been determined by the Company, 3i Research, P5 and the Promoter Selling Shareholders in consultation with the Managers, and justified as stated in the section Basis for Offer Price on page 125 of this Draft Red Herring Prospectus) should not be taken to be indicative of the market price of the Equity Shares after the Equity Shares are listed. No assurance can be given regarding an active and / or sustained trading in the Equity Shares or regarding the price at which the Equity Shares will be traded after listing. GENERAL RISKS Investmentsinequityandequity-relatedsecuritiesinvolveadegreeofriskandinvestorsshouldnotinvestanyfundsintheOfferunlesstheycanaffordtotaketheriskoflosingtheirinvestment. Investors are advised to read the Risk Factors carefully before taking an investment decision in the Offer. For taking an investment decision, investors must rely on their own examination of the Company andtheOffer,including therisksinvolved.TheEquitySharesofferedintheOfferhavenotbeenrecommendedorapprovedbytheSecuritiesandExchangeBoardofIndia(SEBI),nordoesSEBI guarantee the accuracy or adequacy of this Draft Red Herring Prospectus. Specific attention of the investors is invited to the section Risk Factors on page 22 of this Draft Red Herring Prospectus. COMPANYS AND THE SELLING SHAREHOLDERS ABSOLUTE RESPONSIBILITY Our Company,having made all reasonable inquiries, accepts responsibilityfor and confirms that this Draft RedHerring Prospectus contains allinformation withregard toour Company and the Offer, whichismaterialin the context of theOffer, that theinformation contained in this Draft Red HerringProspectus is true and correct in allmaterial aspects and is not misleadingin anymaterial respect, that the opinions and intentions expressed herein are honestly held and that there are no otherfacts, the omission of which makes this Draft Red Herring Prospectus as a whole or any of such information ortheexpressionofanysuchopinionsorintentions,misleadinginanymaterialrespect.EachSellingShareholderacceptsresponsibilityonlyforstatementsmadebysuchSellingShareholderinthis Draft Red Herring Prospectus and confirms that this Draft Red Herring Prospectus contains all information about itself as a Selling Shareholder and the Equity Sharesoffered by it in the Offer and that such statements are true and correct in all material respects and are not misleading in any material respect. LISTING The Equity Shares offered throughthe Red Herring Prospectus are proposed to be listed on NSE and BSE. We have received in-principle approvalsfrom NSE and BSEfor listing of our Equity Shares pursuant to letters dated [] and [] respectively. For the purposes of the Offer, [] shall be the Designated Stock Exchange. GLOBAL COORDINATORS AND BOOK RUNNING LEAD MANAGERSREGISTRAR TO THE OFFER Axis Capital Limited 1st Floor, Axis House C-2, Wadia International Centre, P.B. Marg, Worli Mumbai 400 025 Maharashtra, India Telephone: + 91 (22) 4325 2183 Facsimile : +91 (22) 4325 3000 E-mail: [email protected]: www.axiscapital.co.in Investor grievance ID: [email protected] person: Ms. Simran Gadh SEBI registration number: INM000012029 Citigroup Global Markets India Private Limited1202, 12th Floor, First International Financial Centre, G-Block Bandra Kurla Complex, Bandra East, Mumbai 400 051 Maharashtra, India Telephone: + 91 (22) 6175 9999 Facsimile: + 91 (22) 6175 9961 E-mail: [email protected]: http://www.online.citibank.co.in/rhtm/citigroupglobalscreen1.htm Investor grievance ID: [email protected] person: Mr. Ankit SrivastavaSEBI registration number: INM000010718 Karvy Computershare Private Limited Plot no. 17 to 24 Vittal Rao Nagar, Madhapur Hyderabad 500 081 Telangana, India Telephone: +91 (40) 4465 5000 Facsimile: + 91 (40) 2343 1551 E-mail/Investor grievance ID: [email protected]: https:\\karisma.karvy.com Contact person: Mr. M Murali Krishna SEBI registration number: INR000000221OFFER PROGRAMME FOR ALL BIDDERS:OFFER OPENS ON: []* FOR QIBS:OFFER CLOSES ON: []** FOR RETAIL AND NON-INSTITUTIONAL INVESTORS OFFER CLOSES ON [] *Our Company, 3i Research, P5 and the Promoter Selling Shareholders in consultation with the Managers, may consider participation by Anchor Investors in accordance with the ICDR Regulations. The Anchor Investor Bidding Date shall be one Working Day prior to the Offer Opening Date. ** Our Company, 3i Research, P5 and the Promoter Selling Shareholders in consultation with the Managers, may decide to close the Offer Period for QIBs one Working Day prior to the Offer Closing Date in accordance with the ICDR Regulations. 2 TABLE OF CONTENTS DEFINITIONS AND ABBREVIATIONS ......................................................................................................... 3 PRESENTATION OF FINANCIAL, INDUSTRY AND MARKET DATA ................................................ 17 FORWARD-LOOKING STATEMENTS ....................................................................................................... 20 RISK FACTORS ............................................................................................................................................... 22 SUMMARY OF OUR BUSINESS ................................................................................................................... 55 SUMMARY OF INDUSTRY ............................................................................................................................ 62 SUMMARY FINANCIAL INFORMATION .................................................................................................. 68 THE OFFER ...................................................................................................................................................... 81 GENERAL INFORMATION ........................................................................................................................... 83 CAPITAL STRUCTURE .................................................................................................................................. 94 OBJECTS OF THE OFFER ........................................................................................................................... 124 BASIS FOR OFFER PRICE .......................................................................................................................... 125 STATEMENT OF POSSIBLE TAX BENEFITS AVAILABLE TO THE COMPANIES AND ITS SHAREHOLDERS .......................................................................................................................................... 128 INDUSTRY ...................................................................................................................................................... 143 BUSINESS ........................................................................................................................................................ 169 REGULATIONS AND POLICIES IN INDIA .............................................................................................. 188 HISTORY & CERTAIN CORPORATE MATTERS .................................................................................. 191 OUR MANAGEMENT ................................................................................................................................... 221 OUR PROMOTERS AND GROUP ENTITIES ........................................................................................... 239 DIVIDEND POLICY ...................................................................................................................................... 315 FINANCIAL STATEMENTS ........................................................................................................................ 316 FINANCIAL INDEBTEDNESS ..................................................................................................................... 317 MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS ................................................................................................................................................. 336 OUTSTANDING LITIGATION AND MATERIAL DEVELOPMENTS ................................................. 362 GOVERNMENT AND OTHER APPROVALS ........................................................................................... 402 OTHER REGULATORY AND STATUTORY DISCLOSURES ............................................................... 426 TERMS OF THE OFFER............................................................................................................................... 445 RESTRICTIONS ON FOREIGN OWNERSHIP OF INDIAN SECURITIES .......................................... 448 OFFER STRUCTURE .................................................................................................................................... 450 OFFER PROCEDURE ................................................................................................................................... 455 MAIN PROVISIONS OF OUR ARTICLES OF ASSOCIATION ............................................................. 501 MATERIAL CONTRACTS AND DOCUMENTS FOR INSPECTION .................................................... 560 DECLARATION ............................................................................................................................................. 563 - 3 - DEFINITIONS AND ABBREVIATIONS Unlessthecontextotherwiseimpliesorrequires,thetermsandabbreviationsstatedhereundershallhavethe meaningsasassignedtherewith.Referencestostatutes,rules,regulations,guidelinesandpolicieswill,unless the context otherwise requires, be deemed to include all amendments,modifications and replacements notified thereto as of the date of this Draft Red Herring Prospectus. Company and Selling Shareholder related terms TermDescription Company,our CompanyUFOMoviez IndiaLimited,UFOor Issuer.UFOMoviezIndiaLimited,apubliclimitedcompanyincorporatedunderthe CompaniesAct,1956andhavingitsregisteredofficeat1-B,Sagar Apartments, 6 Tilak Marg, New Delhi 110001, India. we, us, or ourUnless the context otherwise requires or implies, UFO Moviez India Limited, its Subsidiaries, its Associates and its Joint Venture, on a consolidated basis. 3i3i Digital Media (Mauritius) Limited. 3i Research3i Research (Mauritius) Limited. AdventAdvent Fiscal Private Limited. Articles/Articlesof Association The articles of association of our Company, as amended. Associates ScrabbleDigitalLimited,ScrabbleDigitalJLT,ScrabbleVenturesLLC,and Scrabble Ventures, S. de R.L. de C.V., Mexico. AuditorsorStatutory Auditor S.R. Batliboi & Associates LLP, Chartered Accountants. Board/Board of DirectorsTheboardofdirectorsofourCompany,asconstitutedfromtimetotime including any committees thereof. Corporate OfficeValuable Techno Park, Plot No. 53/1, Road No. 7, MIDC, Marol, Andheri East, Mumbai 400 093, India. Director(s)Director(s) on the Board of our Company, as appointed from time to time. ELCEdridge Limited. EmployeeSelling Shareholders AmitK.Mehta;AmitS.Shelar;AshishSadanandMalushte;DaniyalAppa Parab;DeepakRanjan;DheerendraSinghMuchhal;K.Suvarna;KapilKumar Agarwal;KetanNatwarlalPithadia;MitaleeV.Patel;MukeshShanker Sherigar;NitinLionelMonteiro;NitinNohani;PrashantS.Keluskar;Pravin RamdasVaje;RajendraLaxmanGaikwad;RajeshB.Mishra;RaviSukhadeo Nakhale; Samir Shantaram Surve; Sanjay Pardeshi Chavan; Sudalaimani Konar; SudhirVittal Shetty;SwapnilC.Borkar;Vikram Machaiah;VishnuVithalbhai Patel. Equity SharesEquity shares of our Company of face value of ` 10 each. ESOP 2006The employee stock option scheme 2006. ESOP 2010The employee stock option scheme 2010. ESOP 2014The employee stock option scheme 2014. - 4 - TermDescription Executive DirectorAn executive Director. Group EntitiesCompanies,firmsandventurespromotedbyourPromoters,irrespectiveof whethersuchentitiesarecoveredunderSection370(1)(B)oftheCompanies Act, 1956, and disclosed in Our Promoters and Group Entities on page 239. Independent DirectorAnon-executive,independentDirectoraspertheCompaniesAct,2013and Clause 49 of the Listing Agreement. Joint VentureMukta V N Films Limited. Memorandum/ Memorandumof Association The memorandum of association of our Company, as amended. MVNFLMukta V N Films Limited. NiftyNifty Portfolio Services Private Limited. Non-Executive DirectorA non-executive, non-independent Director as per the Companies Act, 2013 and the Listing Agreement. P5P5 Asia Holding Investments (Mauritius) Limited. PromotersMr.SanjayGaikwad,Mr.NarendraHete,ValuableMediaLimited,Valuable Technologies Limited and Apollo International Limited. Promoter GroupSuch persons and entities which constitute the promoter group of our Company pursuant to Regulation 2 (1)(zb) of the ICDR Regulations. PromoterSelling Shareholders Mr. Sanjay Gaikwad, Mr. Narendra Hete, Valuable Media Limited and Valuable Technologies Limited. Registered Office 1 - B, Sagar Apartments, 6 Tilak Marg, New Delhi 110 001, India. RestatedConsolidated Summary Statements Restatedconsolidatedsummarystatementsofassetsandliabilitiesasat September 30, 2014, March 31, 2014, 2013, 2012, 2011 and 2010 and statement of profit and loss and cash flows for the six months period ended September 30, 2014andforeachoftheyearsendedMarch31,2014,2013,2012,2011and 2010 for the Company, its Subsidiaries, Associates and Joint Venture. RestatedUnconsolidated Summary Statements Restatedunconsolidatedsummarystatementsofassetsandliabilitiesasat September 30, 2014, March 31, 2014, 2013, 2012, 2011 and 2010 and statement of profit and loss and cash flows for the six months period ended September 30, 2014andforeachoftheyearsendedMarch31,2014,2013,2012,2011and 2010 for the Company. RestatedSummary Statements RestatedConsolidatedSummaryStatementsandRestatedUnconsolidated Summary Statements collectively. RoC Registrar of Companies, NCT of Delhi and Haryana. ScrabbleScrabble Entertainment Limited. Selling Shareholders3i Research,P5, ValuableMediaLimited,ValuableTechnologies Limited,Mr. NarendraHete,Mr.SanjayGaikwad,Mr.RaajaKanwar,Mr.PrafullaVaidya, Mr. Uday Gaikwad, Mr. Rakesh Gupta and the Employee Selling Shareholders.SDIUScrabble Digital INC. - 5 - TermDescription SDLScrabble Digital Limited. SDJLTScrabble Digital JLT. SDSSouthern Digital Screenz India Private Limited. SEILScrabble Entertainment (Israel) Limited. SEJLTScrabble Entertainment JLT. SELSScrabble Entertainment (Lebanon) Sarl. SEMLScrabble Entertainment (Mauritius) Limited. Subsidiary/ Subsidiaries AsubsidiaryoftheCompanyasofthedateofthisDraftRedHerring Prospectus,inaccordancewiththeCompaniesAct,2013,andassetoutin History and Certain Corporate Matters on page 191 of this Draft Red Herring Prospectus.SVLLCScrabble Ventures LLC. SVMScrabble Ventures, S. de R.L. de C.V., Mexico. UELCUFO Europe Limited. UILCUFO International Limited. UFOLPLUFO Lanka (Private) Limited. UFOMPLUnited Film Organisers (UFO) (Mauritius) Private Limited. UFONPLUnited Film Organisers Nepal Private Limited. USTPLUFO Software Technologies Private Limited. Valuable GroupMr.SanjayGaikwad,Mr.NarendraHete,ValuableTechnologiesLimitedand Valuable Media Limited. VDSPLValuable Digital Screens Private Limited. VNFPLV N Films Private Limited. VTLValuable Technologies Limited. Offer Related Terms TermDescription Allotment / Allot / Allotted Unlessthecontextotherwiserequires,thetransferofEquitySharestosuccessful Bidders pursuant to the Offer. AllotteeA successful Bidder to whom the Equity Shares are Allotted. Allotment AdviceThe note or advice or intimation of Allotment, sent to each successful Bidder who hasbeenoristobeAllottedtheEquitySharesafterapprovaloftheBasisof Allotment by the Designated Stock Exchange. Anchor InvestorAQualifiedInstitutionalBuyer,applyingundertheAnchorInvestorPortionin accordance with the ICDR Regulations. Anchor Investor BiddingTheday,oneWorkingDaypriortotheOfferOpeningDate,onwhichBidsby - 6 - TermDescription DateAnchorInvestorsshallbesubmitted,priortoandafterwhichtheManagerswill not accept any Bids, and allocation to Anchor Investors shall be completed.Anchor Investor Allocation PriceThepriceatwhichEquityShareswillbeallocatedtotheAnchorInvestorsin terms of the Red Herring Prospectus and the Prospectus. Anchor Investor Offer Price ThefinalpriceatwhichEquityShareswillbeAllottedtoAnchorInvestorsin terms of the Red Herring Prospectus and the Prospectus, which price will be equal toorhigherthantheOfferPricebutnothigherthantheCapPrice.TheAnchor InvestorOfferPricewillbedecidedbytheCompany,3iResearch,P5andthe Promoter Selling Shareholders in consultation with the Managers. Anchor Investor PortionUpto60%oftheQIBCategory,whichmaybeallocatedbyourCompany,in consultationwiththeManagers,toAnchorInvestorsonadiscretionarybasisin accordancewiththeICDRRegulations,outofwhichone-thirdshallbereserved fordomesticMutualFunds,subjecttovalidBidsbeingreceivedfromdomestic Mutual Funds at or above the Anchor Investor Allocation Price. Applications Supported by Blocked Amount / ASBA An application, whether physical or electronic, used by ASBA Bidders to make a Bid authorising an SCSB to block the Bid Amount in the ASBA Account. ASBA AccountAnaccountmaintainedwithanSCSBandspecifiedintheBidcumApplication Form submitted by an ASBA Bidder, which will be blocked by such SCSB to the extent of the Bid Amount specified by an ASBA Bidder. ASBA BidderAnyBidder,otherthananAnchorInvestor,whoBidsthroughASBAin accordancewiththetermsoftheRedHerringProspectusandtheBidcum Application Form. Basis of AllotmentThebasisonwhichtheEquityShareswillbeAllotted,asdescribedinOffer ProcedureAllotmentProcedureandBasisofAllotmentonpage489ofthis Draft Red Herring Prospectus.BidAn indication to make an offer during the Offer Period by a Bidder (other than an Anchor Investor), or on the Anchor Investor Bidding Date by an Anchor Investor, pursuanttothesubmissionofaBidcumApplicationForm,topurchase,the EquitySharesatapricewithinthePriceBand,includingallrevisionsthereto,in terms of the Red Herring Prospectus and theBid cumApplication Form, and the term Bidding shall be construed accordingly. Bid AmountIn relation to each Bid shall mean the highest value of the Bid indicated in the Bid cumApplicationFormandpayablebytheBidderuponsubmissionoftheBidin the Offer, less Retail Discount, as applicable. Bid Lot[] Equity Shares. Bid cum Application Form The form used by a Bidder, including an ASBA Bidder, to make a Bid and which willbeconsideredastheapplicationforAllotmentforthepurposesoftheRed Herring Prospectus and the Prospectus. BidderAnyprospectiveinvestorwhomakesaBidpursuanttothetermsoftheRed HerringProspectusandtheBidcumApplicationForm.Unless,otherwisestated or implied, the term Bidder shall be deemed to include an ASBA Bidder and an Anchor Investor. Broker CentreBroker centres notified by the Stock Exchanges where Bidders can submit the Bid cum Application Forms to aRegistered Broker and details of which are available - 7 - TermDescription on the websites of the stock exchanges.Book Building Process ThebookbuildingprocessasdescribedinPartA,ScheduleXIoftheICDR Regulations, in terms of which the Offer is being made. Cap PriceThe higher end of the Price Band,i.e. ` [], abovewhich the Offer Priceand the Anchor Investor Offer Price will not be finalised and above which no Bids will be accepted. CAN or Confirmation of Allocation Note ThenoteoradviceorintimationsenttoeachsuccessfulBidder/Applicant indicatingtheEquityShareswhichmaybeAllotted,afterapprovalofBasisof Allotment by the Designated Stock Exchange. Controlling BranchesSuchbranchesoftheSCSBswhichcoordinateBidswiththemembersofthe Syndicate,RegistrartotheOfferandtheStockExchanges,alistofwhichis availableonthewebsiteoftheSEBIat www.sebi.gov.in/sebiweb/home/list/5/33/0/0/Recognized-Intermediariesand updatedfromtimetotime,andatsuchotherwebsitesasmaybeprescribedby SEBI from time to time. Cut-off PriceTheOfferPrice,asfinalisedbytheCompany,3iResearch,P5andthePromoter Selling Shareholdersin consultationwith theManagers,which shall beany price withinthePriceBand.OnlyRetailIndividualInvestorswhoseBidAmountdoes not exceed ` 200,000 are entitled to Bid at the Cut-off Price. No other category of Bidders is entitled to Bid at the Cut-off Price. Demographic Details ThedemographicdetailsoftheBidderssuchastheirrespectiveaddresses, occupation, PAN, MICR Code and bank account details. Designated BranchesSuchbranchesoftheSCSBswithwhichanASBABidder,notBiddingthrough Syndicate/SubSyndicateorthroughaRegisteredBroker,maysubmittheBid cum Application Forms, a list of which is available onthe website of the SEBI at www.sebi.gov.in/sebiweb/home/list/5/33/0/0/Recognized-Intermediariesand updatedfromtimetotime,andatsuchotherwebsitesasmaybeprescribedby SEBI from time to time. Designated DateThedateonwhichfundsaretransferredfromtheEscrowAccounttothePublic Offer Account or the Refund Account, as appropriate, or the funds blocked by the SCSBsaretransferredfromtheASBAAccounttothePublicOfferAccount,as the case may be. Designated Stock Exchange []. Draft Red Herring Prospectus This draft red herring prospectus datedDecember18,2014,issuedin accordance withtheICDRRegulations,whichdoesnotcontaincompleteparticularsofthe Offer, including the price at which the Equity Shares will be Allotted. Eligible FPIsFPIsfromsuchjurisdictionsoutsideIndiawhereitisnotunlawfultomakean offer/invitationundertheOfferandinrelationtowhomtheRedHerring Prospectus constitutes an invitation to purchase the Equity Shares offered thereby. Eligible NRIsNRIs from jurisdictions outside India where it is not unlawful to make anoffer or invitationundertheOfferandinrelationtowhomtheRedHerringProspectus constitutes an invitation to purchase the Equity Shares offered thereby. Escrow AccountsAccountsopenedwiththeEscrowCollectionBank(s)andinwhosefavourthe Bidders(excludingtheASBABidders)willissuechequesordraftsinrespectof - 8 - TermDescription the Bid Amount when submitting a Bid. Escrow AgreementTheagreementtobeenteredintoamongstourCompany,theRegistrartothe Offer,theManagers,theSyndicateMembers,theSellingShareholders,the EscrowCollectionBank(s),thePublicOfferAccountBank(s),andtheRefund Bank(s)forcollectionoftheBidAmountsand,whereapplicable,refundsofthe amounts collected on the terms and conditions thereof. Escrow Collection Bank(s)ThebankswhichareclearingmembersandregisteredwithSEBIundertheBTI Regulations, with whom the Escrow Account(s) will be opened, being []. First BidderTheBidderwhosenameappearsfirstintheBidcumApplicationFormorthe Revision Form.Floor PriceThe lower end of the Price Band, i.e. ` [], at or above which the Offer Price and the Anchor Investor Offer Price will be finalised and below which no Bids, will be accepted. General Information Document TheGeneralInformationDocumentforinvestinginpublicissuespreparedand issued in accordance with the circular (CIR/CFD/DIL/12/2013) dated October 23, 2013,notifiedbySEBI,suitablymodifiedandincludedinOfferProcedureon page 454 of this Draft Red Herring Prospectus. Listing AgreementThe equity listing agreement to be entered into by our Company with each of the Stock Exchanges, as amended. Managers TheGlobalCoordinatorsandBookRunningLeadManagers,beingAxisCapital Limited and Citigroup Global Markets India Private Limited. Mutual Fund Portion5%oftheNetQIBCategoryavailableforallocationtoMutualFundsonly,ona proportionate basis. Net QIB CategoryTheQIBCategory,availableforallocationtoQIBs,lessthenumberofEquity Shares allocated to the Anchor Investors, being [] Equity Shares. Non-Institutional Investors AllBidders,includingCategoryIIIFPIs,thatarenotQIBsorRetailIndividual Investors who have Bid for Equity Shares for an amount of more than` 200,000, (but not including NRIs other than Eligible NRIs). Non-Institutional Category TheportionoftheOfferbeingnotlessthan15%oftheOfferavailablefor allocation to Non-InstitutionalInvestorson aproportionatebasis, subject to valid Bids being received at or above the Offer Price. Offer Initial public offering of[]Equity Sharesfor cash at a price of` [] per Equity Share aggregating up to ` 7,500 million by way of an offer for sale by the Selling Shareholders pursuant to the terms of the Red Herring Prospectus. Offer AgreementTheagreemententeredintoonDecember18,2014amongstourCompany,the SellingShareholdersandtheManagers,pursuanttowhichcertainarrangements are agreed to in relation to the Offer. Offer Closing DateExcept in relation toBids receivedfrom theAnchor Investors, [],thedateafter whichtheSyndicate,theSCSBsandtheRegisteredBrokerswillnotacceptany Bids, which shall also be notified in [], an English national newspaper and [], a Hindi national newspaper (Hindi being the regional language of New Delhi where ourRegisteredOfficeislocated),eachwithwidecirculationandincaseofany revision,theextendedOfferClosingDate,alsotobenotifiedtotheStock Exchangesbyissuingapressreleaseandalsoindicatingthechangeonthe - 9 - TermDescription websites of theManagers andattheterminals of theSyndicateMembersand the Registered Brokers and by intimation to the SCSBs. TheCompany,3iResearch,P5andthePromoterSellingShareholders,in consultationwiththeManagers,mayconsiderclosingtheOfferPeriodforQIBs oneWorkingDaypriortotheOfferClosingDateinaccordancewiththeICDR Regulations.Offer Opening DateExceptinrelationtoBidsreceivedfromtheAnchorInvestors,[],thedateon whichtheSyndicate,theSCSBsandtheRegisteredBrokers,asapplicable,shall startacceptingBidsfortheOffer,whichshallalsobenotifiedin[],anEnglish national newspaper and [], a Hindi national newspaper (Hindi being the regional languageofNewDelhiwhereourRegisteredOfficeislocated),eachwithwide circulation. Offer PeriodExcept in relation to Bids received from the Anchor Investors, the period from and including the Offer Opening Date to and including the Offer Closing Date during whichBidderscansubmittheirBids,includinganyrevisionsthereto.TheOffer Period will comprise Working Days only. Offer PriceThefinalprice(lessanyRetailDiscount)atwhichtheEquityShareswillbe Allotted in terms of theRedHerring Prospectus. TheOffer Pricewill bedecided bytheCompany,3iResearch,P5andthePromoterSellingShareholders,in consultationwiththeManagers,onthePricingDate.Adiscountof`[]tothe OfferPricemaybeofferedtoRetailIndividualInvestors.TheRupeeamountof the Retail Discount, if any, will be decided by our Company, 3i Research, P5 and thePromoterSellingShareholdersinconsultationwiththeManagers,and advertisedin[],anEnglishnationalnewspaperand[],aHindinational newspaper (Hindi being the regional language of New Delhi where our Registered Officeis located),eachwithwidecirculationatleast fiveWorkingDays prior to theOfferOpeningDate,andshallbemadeavailabletotheStockExchangesfor the purpose of uploading on their website. Price BandAny price between the Floor Price and the CapPrice, inclusive of the Floor Price and the Cap Price, and includes revisions thereof. The Price Band, any Retail Discount and theminimum Bid Lot for the Offer will bedecidedbytheCompany,3iResearch,P5andthePromoterSelling ShareholdersinconsultationwiththeManagersandwillbeadvertisedin[],an English national newspaper and [], a Hindi nationalnewspaper (Hindi being the regional language of New Delhi where our Registered Office is located), each with wide circulation, at least five Working Days prior to the Offer Opening Date, with the relevant financial ratios calculated at the Floor Price and at the Cap Price and suchadvertisementshallbemadeavailabletotheStockExchangesforthe purpose of uploading on their websites. Pricing DateThedateonwhichtheCompany,3iResearch,P5andthePromoterSelling Shareholders in consultation with the Managers, finalise the Offer Price. ProspectusThe prospectus to be filed with the RoC in accordance with Sections 26 and 32 of the Companies Act, 2013, containing, inter-alia, the Offer Price that is determined attheendoftheBookBuildingProcessandcertainotherinformation,including any addenda or corrigenda thereto. Public Offer Account(s)An account opened in accordance with the provisions of the Companies Act, 2013, with the Public Offer Account Bank to receive money from the Escrow Accounts - 10 - TermDescription andfromtheASBAAccountsmaintainedwiththeSCSBsontheDesignated Date. Public Offer Account Bank(s)ThebankswhichareclearingmembersandregisteredwithSEBIundertheBTI Regulations, with whom the Public Offer Account(s) will be opened, being []. Qualified Institutional Buyers or QIBs A qualified institutional buyer, as defined under Regulation 2 (1)(zd) of the ICDR Regulations. QIB CategoryThe portion of the Offer (including the Anchor Investor Portion) being 50% of the OfferwhichshallbeavailableforallocationtoQIBs,includingtheAnchor Investors. Red Herring Prospectus The red herring prospectus that will be issued in accordance with Section 32 of the CompaniesAct,2013,andtheICDRRegulations,whichwillnothavecomplete particulars,includingthepriceatwhichtheEquityShareswillbeoffered, including any addenda or corrigenda thereto. Refund Account(s)TheaccountopenedwiththeRefundBank(s),fromwhichrefunds(excluding refunds to ASBA Bidders), if any, of the whole or part of the Bid Amount shall be made. Refund Bank(s)ThebankswhichareclearingmembersandregisteredwithSEBIundertheBTI RegulationswithwhomtheRefundAccount(s)willbeopenedandinthiscase being []. Registered BrokerStock brokers registered with the Stock Exchanges having terminals in any of the Broker Centresother than the Syndicate, and eligibleto procureBids in terms of the circular No. CIR/CFD/14/2012 dated October 4, 2012 issued by SEBI. Registrar / Registrar to the Offer Karvy Computershare Private Limited. Retail CategoryTheportionoftheOfferbeingnotlessthan35%oftheOfferavailablefor allocationtoRetailIndividualInvestor(s)inaccordancewiththeICDR Regulations, subject to valid Bids being received at or above the Offer Price. Retail DiscountA discount of ` [] that may be offered to Retail Individual Investors, at the time ofmakingaBid.Theamountoftheretaildiscountshallbedeterminedbythe Company,3iResearch, P5 andthePromoter Selling Shareholdersin consultation with the Managers. Retail Individual InvestorsIndividualBidders(includingHUFsapplyingthroughtheirkartaandEligible NRIs) who have not submitted a Bid for Equity Shares for a Bid Amount of more than ` 200,000 in any of the Bidding options in the Offer. Revision FormThe form used by the Bidders, including ASBA Bidders, to modify the quantity of Equity Shares or the Bid Amount in their Bid cum Application Forms or any prior RevisionForm(s),asapplicable.QIBsandNon-InstitutionalInvestorsarenot allowedtolowertheirBids(intermsofquantityofEquitySharesortheBid Amount) at any stage. Self Certified Syndicate Bank(s) or SCSB(s) Banks which are registered with SEBI under the BTI Regulations, which offer the facilityofASBA,alistofwhichisavailableonthewebsiteoftheSEBIat www.sebi.gov.in/sebiweb/home/list/5/33/0/0/Recognised-Intermediariesand updatedfromtimetotimeandatsuchotherwebsitesasmaybeprescribedby SEBI from time to time. - 11 - TermDescription Specified Cities or Specified Locations BiddingcentreswheretheSyndicateshallacceptBidcumApplicationForms fromASBABidders,alistofwhichisavailableonthewebsiteoftheSEBI (http://www.sebi.gov.in/sebiweb/home/list/5/33/0/0/Recognised-Intermediaries) and updated from time to time and at such other websites as may be prescribed by SEBI from time to time. Stock ExchangesNSE and BSE. Syndicate or member of the Syndicate The Managers and the Syndicate Members. Sub Syndicate The sub-syndicate members, if any, appointed by the Managers and the Syndicate Members, to collect Bid cum Application Forms. Syndicate AgreementTheagreementtobeenteredintoamongsttheSyndicate,ourCompany,the Selling Shareholders and the Registrar in relation to collection of Bids in the Offer (excludingBidsfromASBABiddersprocureddirectlybySCSBsandBids procured by Registered Brokers).Syndicate Bidding Centres SyndicateandSubSyndicatecentresestablishedforacceptanceoftheBidcum Application Form and Revision Forms. Syndicate Members[].TRSorTransaction Registration Slip The slip or document issued by the Syndicate/Sub Syndicate, Registered Broker or anSCSB(onlyondemand),asthecasemaybe,totheBidderasproofof registration of a Bid. UnderwritersThe Managers and the Syndicate Members. Underwriting AgreementThe agreement to be entered into amongst the Underwriters, our Company and the Selling Shareholders on or after the Pricing Date. Working DayAny day other than Saturday or Sunday on which commercial banks are open for businessinMumbai,providedhowever,forthepurposesofthetimeperiod betweenOfferClosingDateandlistingoftheEquityShares,WorkingDays shallmeanalldaysotherthanSundaysandbankholidaysinMumbai,in accordance with the SEBI circular no. CIR/CFD/DIL/3/2010 dated April 22, 2010. Conventional or general terms and abbreviations TermDescription A/cAccount. ACITAssistant Commissioner of Income Tax. AGMAnnual general meeting. AIFsAlternativeinvestmentfundsasdefinedinandregisteredundertheAIF Regulations. AIF RegulationsSecuritiesandExchangeBoardofIndia(AlternativeInvestmentFunds) Regulations, 2012. ASAccountingstandardsissuedbytheInstituteofCharteredAccountantsof India. - 12 - TermDescription A.Y.Assessment year. BPLRBenchmark prime lending rate. BSEBSE Limited. BTI RegulationsSecuritiesandExchangeBoardofIndia(BankerstoanIssue)Regulations, 1994. CAGRCompounded Annual Growth Rate. Calendar Year/ year Unlessthecontextotherwiserequires,shallrefertothetwelvemonthperiod ending December 31.Category III Foreign Portfolio Investors or Category III FPIs FPIs who are registered as Category III foreign portfolio investors under the FPI Regulations. CDSLCentral Depository Services (India) Limited. CFOChief Financial Officer. Companies ActCompaniesAct,1956andtherulesthereunder,totheextentnotrepealed, and/or the Companies Act, 2013. Companies Act, 1956Companies Act, 1956, as the context requires. Companies Act, 2013Companies Act, 2013 and the rules and clarifications thereunder, to the extent notified. CITCommissioner of Income Tax. CSRCorporate social responsibility. DCITDeputy Commissioner of Income Tax. Depositories Act Depositories Act, 1996. DepositoryNSDL and CDSL. DINDirector Identification Number. DP/ Depository Participant A depository participant as defined under the Depositories Act. DP IDDepository Participants identity number. DTCDraft Direct Taxes Code, 2013. EBITDAEarningsbeforeinterest,tax,depreciationandamortisation,calculatedas profit / (loss) for the period excluding depreciation and amortization expense, finance cost, finance income and tax expenses. ECBExternal commercial borrowing. EGMExtraordinary general meeting. EPSEarnings per share (as calculated in accordance with AS-20). EUREuro. FDIForeign direct investment. - 13 - TermDescription FEMAForeign Exchange Management Act, 1999, including the rules and regulations thereunder. FEMA RegulationsForeignExchangeManagement(TransferorIssueofSecuritybyaPerson Resident Outside India) Regulations, 2000. FII(s)Foreign institutional investors, as defined under the FPI Regulations. Financial Year / Fiscal / FY / F.Y. PeriodoftwelvemonthsendingonMarch31ofthatparticularyear,unless stated otherwise. FPI(s)Foreignportfolioinvestors,asdefinedundertheFPIRegulations,including FIIs and QFIs, which are deemed to be foreign portfolio investors. FPI Regulations SecuritiesandExchangeBoardofIndia(ForeignPortfolioInvestors) Regulations, 2014.Finance ActFinance Act, 1994. FIPBForeign Investment Promotion Board. FVCIForeignventurecapitalinvestors,asdefinedandregisteredwithSEBIunder the FVCI Regulations. FVCI RegulationsSecuritiesandExchangeBoardofIndia(ForeignVentureCapitalInvestor) Regulations, 2000. GDPGross domestic product. GIR NumberGeneral index registration number. GoIGovernment of India. GSTGoods and services tax. HCILHughes Communications India Limited. HUFHindu undivided family. ICAIThe Institute of Chartered Accountants of India. IFRSInternational Financial Reporting Standards. INRIndian National Rupees. I.T. ActThe Income Tax Act, 1961. ITATIncome Tax Appellate Tribunal. ICDR RegulationsSecuritiesandExchangeBoardofIndia(IssueofCapitalandDisclosure Requirements) Regulations, 2009. Indian GAAPAccounting principles generally accepted in India. Insider Trading Regulations SecuritiesandExchangeBoardofIndia(ProhibitionofInsiderTrading) Regulations, 1992.IPOInitial public offer. LIBORLondon interbank offered rate. MATMinimum alternate tax. - 14 - TermDescription MCAMinistry of Corporate Affairs, Government of India. MICRMagnetic ink character recognition. Mn / mnMillion. Mutual FundsA mutual fund registered with SEBI under the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996. N.A.Not applicable. NAV NetassetvaluepersharebeingNetWorthattheendofperiod/year excluding preference share capital and cumulative preference dividend divided by Total number of equity shares outstanding at the end of the period/year. NCAERNational Council of Applied Economic Research. NCTNational Capital Territory. NECSNational electronic clearing service. NEFTNational electronic fund transfer.Negotiable Instruments ActNegotiable Instruments Act, 1881. Net WorthEquity share capital plus Reserves and surplus (including, Securities Premium, General Reserve, Legal Reserve, Foreign Currency Translation Reserve, Stock options outstanding and surplus in statement of Profit and Loss). NOCNo objection certificate. Non-ResidentApersonresidentoutsideIndia,asdefinedundertheFEMAandincludesa Non-Resident Indian. NRE AccountNonresidentexternalaccountestablishedinaccordancewiththeForeign Exchange Management (Deposit) Regulations, 2000. NRI / Non-Resident Indian A person resident outside India, as defined under FEMA and who is a citizen ofIndiaorapersonofIndianorigin,suchtermasdefinedundertheForeign Exchange Management (Deposit) Regulations, 2000. NRO AccountNonresidentordinaryaccountestablishedinaccordancewiththeForeign Exchange Management (Deposit) Regulations, 2000. NSDLNational Securities Depository Limited. NSENational Stock Exchange of India Limited. OCB / Overseas Corporate Body Acompany,partnership,societyorothercorporatebodyowneddirectlyor indirectlytotheextentofatleast60%byNRIsincludingoverseastrustsin which not less than 60% of the beneficial interest is irrevocably held by NRIs directlyorindirectlyandwhichwasinexistenceonOctober3,2003and immediatelybeforesuchdatewaseligibletoundertaketransactionspursuant tothegeneralpermissiongrantedtoOCBsundertheFEMA.OCBsarenot allowed to invest in the Offer. P/E RatioPrice/earnings ratio. PANPermanent account number allotted under the I.T. Act. PLRPrime lending rate. - 15 - TermDescription QFIQualified foreign investor, as defined under the FPI Regulations. PSUsPublic Sector Undertakings (government-owned corporations) RBIReserve Bank of India. RONWReturn on net worth. Rs. / Rupees / `Indian Rupees. RTGSReal time gross settlement. SCRASecurities Contracts (Regulation) Act, 1956. SCRRSecurities Contracts (Regulation) Rules, 1957. SEBISecurities and Exchange Board of India constituted under the SEBI Act. SEBI ActSecurities and Exchange Board of India Act, 1992. SEBI ESOP GuidelinesErstwhileSecuritiesandExchangeBoardofIndia(EmployeeStockOption Scheme and Employee Stock Purchase Scheme) Guidelines, 1999. SEBI ESOP RegulationsSecuritiesandExchangeBoardofIndia(ShareBasedEmployeeBenefits) Regulations, 2014.Securities ActU.S. Securities Act of 1933, as amended. SICASick Industrial Companies (Special Provisions) Act, 1985. Stock ExchangesBSE and NSE. Takeover RegulationsSecurities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. US/USAUnited States of America. USD or $ or US $United States Dollar. US GAAPGenerally accepted accounting principles in the US. U.S. PersonAs defined in Regulation S under the Securities Act. U.S. QIBsQualifiedInstitutionalBuyers,asdefinedinRule144AundertheSecurities Act. VATValue added tax. VCFsVenturecapitalfundsasdefinedinandregisteredwithSEBIundertheVCF Regulations. VCF Regulations The erstwhile Securities and Exchange Board of India (Venture Capital Fund) Regulations, 1996. Unless the content otherwise requires, the words and expressions used but not defined in this Draft Red Herring Prospectus will have the same meaning as assigned to such terms under the Companies Act,the SEBI Act, the SCRA, the Depositories Act and the rules and regulations made thereunder. Notwithstandingtheforegoing,termsinMainProvisionsofourArticlesofAssociation,Statementof PossibleTaxBenefitsavailabletotheCompaniesanditsShareholdersandFinancial Statementsonpages 500, 128 and 316, respectively, shall have the meanings given to such terms in these respective sections. - 16 - Industry related terms TermDescription 2DTwo dimensional 3DThree dimensional ATPAverage ticket price. CRISILCRISIL Research, a division of CRISIL Limited. CRISIL Report StudyoftheMediaandEntertainmentSectorinIndia,CRISILResearch, November 2014. CRISCRISIL Risk and Infrastructure Solutions Limited. D-Cinema Digital Cinema Initiative compliant DAVPDirectorate of Advertising and Visual Publicity DCIDigital Cinema Initiative E-Cinema Acommonlyusedtermtodescribevarioustechnologiesusedtodigitally deliver movie content other than through D-Cinema. e-taxEntertainment tax. HIGHigher income group. LIGLower income group. NOCNetwork operations centre. PFCEPrivate final consumption expenditure. UFO-M4our UFO-M4 platform. UPSUninterrupted power supply. VPFVirtual print fee. VPF D-CinemaVirtual print fees from D-Cinema. VPF E-CinemaVirtual print fees from E-Cinema. VSATVery small aperture terminal. - 17 - PRESENTATION OF FINANCIAL, INDUSTRY AND MARKET DATA AllreferencestoIndiacontainedinthisDraftRedHerringProspectusaretotheRepublicofIndiaandall references to the U.S. are to the United States of America. Financial Data Unlessthecontextrequiresotherwise,thefinancialdatainthisDraftRedHerringProspectusisderivedfrom our Restated Summary Statements. The Companys Financial Year commences on April 1, and ends on March 31 of the following year. In this Draft Red Herring Prospectus, any discrepancies in any table, graphs or charts between the total and the sums of the amounts listed are due to rounding-off. TherearesignificantdifferencesbetweenIndianGAAP,IFRSandU.S.GAAP.Wehavenotattemptedto explainthosedifferencesorquantifytheirimpactonthefinancialdataincludedherein,andweurgeyouto consultyour own advisors regarding such differences andtheir impact on ourfinancialdata.Accordingly, the degree to which the RestatedSummary Statementsincluded in this Draft RedHerring Prospectus will provide meaningfulinformationisentirelydependentonthereadersleveloffamiliaritywithIndianaccounting practices.AnyreliancebypersonsnotfamiliarwithIndianaccountingpracticesonthefinancialdisclosures presented in this Draft Red Herring Prospectus should accordingly be limited. Our Company does not provide a reconciliationofitsfinancialstatementstoIFRSorU.S.GAAPfinancialstatements.Fordetails,seeRisk FactorsSignificantdifferencesexistbetweentherequirementsofIndianGAAPandotheraccounting principles,suchasU.S.GAAPandIFRS,whichmaybematerialtoinvestorsassessmentsofourfinancial condition. on page 51 of this Draft Red Herring Prospectus. Any percentage amounts, as set forth in the sections Risk Factors, Business and Managements Discussion andAnalysisofFinancialConditionandResultsofOperationsonpages22,169and336ofthisDraftRed HerringProspectus,respectively,andelsewhereinthisDraftRedHerringProspectus,unlessotherwise indicated, have been calculated on the basis of our Restated Consolidated Summary Statements and the Restated Unconsolidated Summary Statements. Currency and units of presentation All references to; Rupees Rs. or ` are to Indian Rupees, the official currency of the Republic of India. US Dollars or US$ or USD are to United States Dollars, the official currency of the United States of America. AED are to the official currency of the United Arab Emirates. NGN are to the official currency of Nigeria. MxP$ are to the official currency of Mexico. InthisDraftRedHerringProspectus,ourCompanyhaspresentedcertainnumericalinformationinmillion units. One million represents 1,000,000. Industry and Market Data Unless stated otherwise, industry data used throughout thisDraft Red Herring Prospectus has been obtained or derivedfrompubliclyavailableinformationaswellasindustrypublications.Industrypublicationsgenerally state that the information contained in those publications has been obtained from sources believed to be reliable but that their accuracy and completeness are not guaranteed and their reliability cannot be assured. Accordingly, no investment decision should be made on the basis of such information. Although we believe that the industry datausedinthisDraftRedHerringProspectusisreliable,ithasnotbeenindependentlyverifiedbythe Company, the Selling Shareholders, the Syndicate or any of their affiliates or advisors. - 18 - Information has been included in this Draft Red Herring Prospectus from the report titledStudy of themedia andentertainmentsectorinIndia,November,2014preparedbyCRISILResearch,adivisionofCRISIL Limited(theCRISILReport),whichreporthasbeencommissionedbytheCompanyforthepurposesof confirmingitsunderstandingoftheindustryinconnectionwiththeOfferandwhichincludesthefollowing disclaimer. CRISILResearch,adivisionofCRISILLimited(CRISIL),hastakenduecareandcautioninpreparingthis Report (Report) based on the information obtained by CRISIL from sources which it considers reliable (Data). However, CRISIL does not guarantee the accuracy, adequacy or completeness of the Data / Report and is not responsible for any errors or omissions or for the results obtained from the use of Data / Report. This Report is not a recommendation to invest / disinvest in any company covered in the Report. CRISIL especially states that ithasnoliabilitywhatsoevertothesubscribers/users/transmitters/distributorsofthisReport.CRISIL Researchoperatesindependentlyof,anddoesnothaveaccesstoinformationobtainedbyCRISILsRatings Division/CRISILRiskandInfrastructureSolutionsLimited(CRIS),whichmay,intheirregularoperations, obtain information of a confidential nature. The views expressed in this Report are that of CRISIL Research and notofCRISILsRatingsDivision/CRIS.NopartofthisReportmaybepublished/reproducedinanyform without CRISILs prior written approval. Further,theextenttowhichtheindustryandmarketdatapresentedinthisDraftRedHerringProspectusis meaningful depends on the readers familiarity with and understanding of the methodologies used in compiling suchdata.Therearenostandarddatagatheringmethodologiesintheindustryinwhichweconductour business, and methodologies and assumptions may vary widely among different industry sources. Suchdatainvolvesrisks,uncertaintiesandnumerousassumptionsandissubjecttochangebasedonvarious factors, including those disclosed in the section Risk Factors on page 22 of this Draft Red Herring Prospectus. Accordingly, investment decisions should not be based on such information. Exchange Rates This Draft Red Herring Prospectus contains conversions of US$ and other currency amounts into Indian Rupees thathavebeen presentedsolely to complywith therequirements of the ICDR Regulations. These conversions shouldnotbeconstruedasarepresentationthatsuchcurrencyamountscouldhavebeen,orcanbeconverted into Indian Rupees, at any particular rate, or at all. The exchange rates of the respective foreign currencies are provided below: (in `) CurrencySeptember 30, 2014 March 31, 2014 March 31, 2013 March 31, 2012 March 31, 2011 March 31, 2010 US$61.8359.9854.6552.1845.2144.97 AED16.8316.3314.8814.2112.3112.24 NGN0.380.360.350.330.290.30 MxP$4.594.594.444.083.793.64 Source: www.oanda.com NOTICE TO PROSPECTIVE INVESTORS IN THE UNITED STATES The Equity Shares have not been recommended by any U.S. federal or state securities commission or regulatory authority. Furthermore, theforegoing authoritieshavenot confirmed theaccuracy or determined theadequacy of this Draft Red Herring Prospectus or approved or disapproved theEquity Shares. Any representation to the contraryisacriminaloffenceintheUnitedStates.Inmakinganinvestmentdecisioninvestorsmustrelyon their own examination of our Company and the terms of the offer, including the merits and risks involved. The Equity Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (theSecuritiesAct)oranyotherapplicablelawoftheUnitedStatesand,unlesssoregistered,maynotbe - 19 - offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. Accordingly, the Equity Shares are being offered and sold (a) in the United States only to persons reasonably believed to be qualified institutional buyers (as defined in Rule 144A under the Securities Act and referred to in this Draft Red Herring ProspectusasU.S.QIBs,fortheavoidanceofdoubt,thetermU.S.QIBsdoesnotrefertoacategoryof institutionalinvestordefinedunderapplicableIndianregulationsandreferredtointheDraftRedHerring Prospectus asQIBs) in transactions exemptfromthe registration requirements of theSecuritiesActand (b) outsidetheUnitedStatesincompliancewithRegulationSandtheapplicablelawsofthejurisdictionwhere those offers and sales occur. NOTICE TO NEW HAMPSHIRE RESIDENTS NEITHER THE FACT THAT A REGISTRATION STATEMENT OR AN APPLICATION FOR A LICENSE HAS BEEN FILED UNDER CHAPTER 421-B OF THE NEW HAMPSHIRE REVISED STATUTES (RSA) WITHTHESTATEOFNEWHAMPSHIRENORTHEFACTTHATASECURITYISEFFECTIVELY REGISTEREDORAPERSONISLICENSEDINTHE STATEOFNEWHAMPSHIRECONSTITUTESA FINDINGBYTHESECRETARYOFSTATEOFNEWHAMPSHIRETHATANYDOCUMENTFILED UNDER RSA 421-B IS TRUE, COMPLETE AND NOT MISLEADING. NEITHER ANY SUCH FACT NOR THEFACTTHATANEXEMPTIONOREXCEPTIONISAVAILABLEFORASECURITYORA TRANSACTION MEANS THAT THE SECRETARY OF STATE HAS PASSED IN ANY WAY UPON THE MERITS OR QUALIFICATIONS OF, OR RECOMMENDED OR GIVEN APPROVAL TO, ANY PERSON, SECURITYORTRANSACTION.ITISUNLAWFULTOMAKE,ORCAUSETOBEMADE,TOANY PROSPECTIVEPURCHASER,CUSTOMER,ORCLIENTANYREPRESENTATIONINCONSISTENT WITH THE PROVISIONS OF THIS PARAGRAPH. NOTICE TO PROSPECTIVE INVESTORS IN THE EUROPEAN ECONOMIC AREA This Draft Red Herring Prospectus has been prepared on the basis that all offers of Equity Shares will be made pursuanttoanexemptionundertheProspectusDirective,asimplementedinMemberStatesoftheEuropean EconomicArea(EEA),fromtherequirementtoproduceaprospectusforoffersofEquityShares.The expressionProspectusDirectivemeansDirective2003/71/ECoftheEuropeanParliamentandCouncilEC (andamendmentsthereto,includingthe2010PDAmendingDirective,totheextentimplementedinthe Relevant Member State (as defined below)) and includes any relevant implementing measure in each Relevant Member State. Accordingly, any person making or intending to make an offer within the EEA of Equity Shares which are the subject of the placement contemplated in this Draft Red Herring Prospectus should only do so in circumstancesinwhichnoobligationarisesforourCompanyoranyoftheUnderwriterstoproducea prospectus for such offer. None of our Company and the Underwriters have authorized, nor do they authorize, the making of any offer of Equity Shares through any financialintermediary, other than the offers made by the UnderwriterswhichconstitutethefinalplacementofEquitySharescontemplatedinthisDraftRedHerring Prospectus. - 20 - FORWARD-LOOKING STATEMENTS All statements contained in this Draft Red Herring Prospectus that are not statements of historical fact constitute forward-lookingstatements.Allstatementsregardingourexpectedfinancialconditionandresultsof operations,business,plansandprospectsareforward-lookingstatements.Theseforward-lookingstatements includestatementswithrespecttoourbusinessstrategy,ourrevenueandprofitability,ourprojectsandother matters discussed in this Draft Red Herring Prospectus regarding matters that are not historical facts. Investors cangenerallyidentifyforward-lookingstatementsbyterminologysuchasaim,anticipate,believe, expect, estimate,intend, objective, plan,project, shall,will,will continue,will pursue or otherwordsorphrasesofsimilarimport.Allforward-lookingstatements(whethermadebyusoranythird party)arepredictionsandaresubjecttorisks,uncertaintiesandassumptionsaboutusthatcouldcauseactual results to differ materially from those contemplated by the relevant forward-looking statement. ForwardlookingstatementsreflectourcurrentviewswithrespecttofutureeventsasofthedateofthisDraft RedHerringProspectusandarenotaguaranteeoffutureperformance.Thesestatementsarebasedonour managementsbeliefsandassumptions,whichinturnarebasedoncurrentlyavailableinformation.Although we believe the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate, and the forward-looking statements based on these assumptions could be incorrect. Further, the actual results may differ materially from those suggested by the forward-looking statements due to risksoruncertaintiesassociatedwithourexpectationswithrespectto,butnotlimitedto,regulatorychanges pertainingtotheindustriesinIndiainwhichwehaveourbusinessesandourabilitytorespondtothem,our ability to successfully implement our strategy, our growth and expansion, technological changes, our exposure tomarketrisks,generaleconomicandpoliticalconditionsinIndia,whichhaveanimpactonourbusiness activities or investments, the monetary and fiscal policies of India, inflation, deflation, unanticipated turbulence in interest rates,foreign exchangerates,equity prices or other rates or prices, theperformance of thefinancial marketsinIndiaandglobally,changesindomesticlaws,regulationsandtaxes,changesincompetitioninour industryandincidenceofanynaturalcalamitiesand/oractsofviolence.Importantfactorsthatcouldcause actual results to differ materially from our expectations include, but are not limited to, the following: any downturn in the Indian or international cinema industries; dependence on our relationships and agreements with movie producers and distributors, and any failure to maintain these relationships, or to establish and capitalise on new relationships; dependenceonourrelationshipsandagreementswithexhibitors,andanyfailuretomaintainthese relationships, or to establish and capitalise on new relationships; dependence on our relationships with advertisers, and any failure to maintain these relationships, or to establish and capitalise on new relationships; dependence of ouradvertisement revenue on anumber of factors, including the number of screenings of movies, which is subject to factors outside of our control; dependence on certain of our customers who account for a large portion of our revenues; intense competition and pricing pressure; failure or disruption of our technology systems on which we rely heavily; failure to maintain technological advantage; dependence on third parties to supply digital cinema equipment, installation and maintenance services; failure or inability to protect our intellectual property rights; failure to implement growth strategies; and risks associated with international activities. For afurther discussion offactors thatcould causeour actualresults to differ,seeRisk Factors, Business andManagements Discussion and Analysis of Financial Condition and Results ofOperationson pages22, 169 and 336 of this Draft Red Herring Prospectus, respectively. - 21 - By their nature, certain risk disclosures are only estimates and could be materially different from what actually occurs in the future. As a result, actual future gains or losses could materially differ from those that have been estimated. Our Company, the Selling Shareholders, the Directors, the Syndicate and their respective affiliates or associatesdonothaveanyobligationto,anddonotintendto,updateorotherwisereviseanystatements reflectingcircumstancesarisingafterthedatehereoforto reflecttheoccurrenceofunderlyingevents,evenif theunderlying assumptions do not cometo fruition.In accordancewith theSEBI requirements,ourCompany andtheSellingShareholderswillensurethatinvestorsinIndiaareinformedofmaterialdevelopmentsuntil such timeas thegrant oflisting and trading permissionsby theStock Exchanges.Further, in accordancewith Regulation 51A of the ICDR Regulations, our Company may be required to undertake an annual updation of the disclosuresmadeintheRedHerringProspectusandmakeitpubliclyaccessibleinthemannerspecifiedby SEBI. - 22 - RISK FACTORS An investment in equity shares involves a high degree of risk. You should carefully consider all the information disclosedinthisDraftRedHerringProspectus,includingtherisksanduncertaintiesdescribedbelow,before making an investment decision in our Equity Shares. The risks described below are not the only ones relevant to us or our Equity Shares, the industry in which we operate or India and other regions we operate in. Additional risksanduncertainties,notpresentlyknowntousorthatwecurrentlydeemimmaterialmayalsoimpairour business,resultsofoperationsandfinancialcondition.ToobtainacompleteunderstandingofourCompany, prospectiveinvestorsshouldreadthissectioninconjunctionwiththesectionstitledBusinessand Managements Discussion and Analysis of Financial Condition and Results of Operations on pages 169 and 336, respectively, as well as the other financial and statistical information contained in this Draft Red Herring Prospectus. If any of the risks described below or other risks that are currently not known actually occur, our business, prospects, financial condition and results of operations could be adversely affected, the trading price ofourEquitySharescoulddecline,andprospectiveinvestorsmayloseallorpartoftheirinvestment.You should consult your tax, financial and legal advisors about the particular consequences to you of an investment in the Offer. ProspectiveinvestorsshouldpayparticularattentiontothefactthatourCompanyisincorporatedunderthe lawsofIndiaandissubjecttoalegalandregulatoryenvironmentwhichmaydifferincertainrespectsfrom that of other countries. ThisDraftRedHerringProspectusalsocontainsforward-lookingstatementsthatinvolverisksand uncertainties.Ouractualresultscoulddiffermateriallyfromthoseanticipatedintheseforward-looking statementsasaresultofcertainfactors,includingtheconsiderationsdescribedbelowandelsewhereinthis DraftRedHerringProspectus.PleaseseeForward-LookingStatementsonpage20ofthisDraftRed Herring Prospectus. Unlessspecifiedorquantifiedintherelevantrisksfactorsbelow,wearenotinapositiontoquantifythe financial or other implication of any of the risks described in this section. Unless otherwise stated, the financial informationofourCompanyusedinthissectionhasbeenderivedfromtheRestatedConsolidatedSummary Statements. INTERNAL RISKS Risks Relating to our Business and Industry 1.Any downturn in theI ndian or international cinema industries could materially adversely affect our business, financial condition, results of operations and prospects. Our success is highly dependent upon our ability to provide services to, and generate revenues from, movie producers,distributorsandexhibitors,aswellasfromadvertisersthroughin-cinemaadvertising.These partiesaredependentonthehealthoftheIndianandinternationalcinemaindustries,whichare significantly impacted by factors entirely outside of our control. Such factors include: Alternativesourcesofentertainmentandentertainmentdelivery.Thecinemaindustrycompetes with many other sources of entertainment and entertainment delivery, including television and the internet.Technologicaladvancementssuchasvideoondemand,mobileandinternetstreaming anddownloadinghaveincreasedthenumberofentertainmentandinformationdeliverychoices availabletoconsumersandhaveintensifiedthechallengesposedbyaudiencefragmentation. Moviesmayalsobereleasedunderalternativemethods,suchasDVDorHDDVD,cable television,downloadsviatheinternet,videodiscs,videoondemand,satelliteandpay-per-view services.Theincreasingnumberofchoicesavailabletoaudiencescouldnegativelyimpact consumer demand for viewing movies in a cinema, and there can be no assurance that occupancy rates at cinemas will not fall. - 23 - Thesuccessofmoviesshownincinemas.Thesuccessoffirst-runmoviesthatareshownin cinemasdependsupontheproductionandmarketingeffortsofmoviestudiosandthe attractivenessandvaluepropositionofthemoviestoconsumerscomparedtootherformsof entertainment. Piracy. Movie piracy is extensive in many parts of the world and is made easier by technological advancesandtheconversionofmoviesintodigitalformats.Thistrendfacilitatesthecreation, transmissionandsharingofhighqualityunauthorisedcopiesofmotionpicturesintheatrical release on DVDs, CDs and Blu-ray discs and the internet. In particular, unauthorised copying and piracyareprevalentincountriesoutsideoftheUnitedStates,CanadaandWesternEurope, includingIndia,whoselegalsystemsmaymakeitdifficultforcontentownerstoenforce intellectualpropertyrightsandinwhichconsumerawarenessoftheindividualandindustry consequencesofpiracyislower.Despitethesecurityfeaturesofourdigitalcinemadelivery platform,withotherfactors,suchasbroadbandconnectivityimprovingand3Ginternet penetration increasing in India, digital piracy of movies is an increasing risk. Generaleconomicconditions.Adeclineingeneraleconomicconditionsmaynegativelyimpact consumerspending,andanyreductioninconsumerconfidenceordisposableincomeingeneral could lead to a decline in cinema attendance. A decline in attendance at cinemas may reduce thenumber of movies produced, distributed and screened, which would directly affect the revenue that we receive from content producers and distributors, as well as reducethenumberofcinemasandscreensinoperation,whichcouldimpacttheamountofrevenueswe generatefromexhibitors.Further,asustaineddeclineineconomicconditionscouldresultinclosureor downsizing by, or otherwise adversely impact, content producers, distributors and exhibitors on whom we relyforrevenue.Thevalueofourin-cinemaadvertisingbusinesscouldalsobeadverselyaffectedbya long-term multi-year decline in cinema attendance or even the perception by advertisers that our platform is nolongersuitablefortheirneedsduetothedecreasesinattendanceandgeographiccoverage.Therefore, anydownturnintheoverallIndianandinternationalcinemaindustrieswouldmateriallyadverselyaffect our business, financial condition, results of operations and prospects. 2.We and certain of our Promoters, Directors and Group Entities are involved in certain legal proceedings which may be determined against us. We,andcertainofourPromoters,DirectorsandGroupCompanies,areinvolvedincertainlegal proceedingsandclaims.Theselegalproceedingsarependingatdifferentlevelsofadjudicationbefore various courts and tribunals. Should any new developments arise, such as a change in Indian law or rulings against us by courts or tribunals, we may face losses and we may need to make provisions inour financial statements, which could increase our expenses and our liabilities. We can give no assurance that these legal proceedings will be decided in our favour. Assertion of one or more legal claims against us could have an adverse effect on our business, reputation, financial conditions and results of operation. Inadditiontotheabove,variouscivilandstatutoryproceedings(includingproceedingsrelatingtodirect, indirecttaxationandlabourlaws)havealsobeeninitiatedagainstourCompany.Thesearependingat various levels of adjudication. The details of these proceedings are given below: Nature and number of proceedings TaxCivilStatutoryWrit PetitionCriminalMonetary claim, if any, to the extent ascertainable ( in millions) 4076NilNil279.11 Our Promoters and certain of our Directors, namely Mr. Sanjay Shankar Gaikwad and Mr. Ameya Hete are involved in various civil litigations in their respective capacities as directors in other companies. For further details,pleasesee-Theincometaxauthoritieshadcarriedoutsearchandseizureoperationsatthe premises of certain of our Promoters, including our Promoter Director, members of our Promoter Group - 24 - aswellasGroupEntities.Anyadversedeterminationbythetaxauthoritiesinthismattercouldincrease their tax liability and / or subject them to monetary penalties. The details of the proceedings against our Promoters and Directors are given below: Sr. No. Name of the Promoter/DirectorNature and number of proceedings CriminalTaxCivilStatutoryWrit Petition Monetary claim, if any, to the extent ascertainable ( in millions) 1.Apollo International LimitedNil102NilNil27.31 2.Mr. Narendra HeteNil1NilNilNilNil 3.Mr. Sanjay GaikwadNil1NilNilNilNil 4.Valuable Technologies LimitedNil1NilNilNilNil 5.Valuable Media LimitedNil1NilNilNilNil 6.Mr. Ameya HeteNil1NilNilNilNil 7.Mr. Raaja KanwarNil3NilNilNil0.32 Various criminal, civil and statutory proceedings (including direct, indirect taxation and writ petitions) have alsobeeninitiatedagainstourSubsidiaries,AssociatesandGroupEntities.Thesearependingatvarious levels of adjudication. The details of these proceedings are given below: Sr. No. Name of the SubsidiaryNature and number of proceedings CriminalTaxCivilStatutoryWrit Petition Monetary claim, if any, to the extent ascertainable ( in millions) 1.Scrabble Entertainment LimitedNil8NilNilNil4.55 2.Southern Digital Screenz Private LimitedNil112NilNil51.01 Sr. No. Name of the Group EntityNature and number of proceedings CriminalTaxCivilStatutoryWrit Petition Monetary claim, if any, to the extent ascertainable (in millions) 1.Valuable Infrastructure Private LimitedNil1NilNilNilNil 2.Valuable Destinations Private LimitedNil1NilNilNilNil 3.Valuable Ag- Bio Private LimitedNil1NilNilNilNil 4.NisargBuildingArt&TechnologyPrivate Limited Nil1NilNilNilNil 5.Advent Fiscal Private LimitedNil1NilNilNilNil 6.Nifty Portfolio Services Private LimitedNil1NilNilNilNil 7.Apollo-EverestKoolSolutionsPrivate Limited NilNil1NilNilNil 8.ApolloFiegeIntegratedLogisticsPrivate Limited NilNilNil1Nil` 0.60 9.Clarion Logistics India Private Limited 1Nil1NilNil` 2.77 10.ALS Container Warehousing LimitedNilNil1NilNilNil 11.Apollo Logisolutions LimitedNilNil2NilNil` 6.50 12.Apollo International FZC1NilNilNilNilNil 12.Kailash Shipping Services Private LimitedNil2NilNilNil` 6.36 14.Apollo International PTE3NilNilNilNil` 0.24 15.Clarion Shipping Services L.L.CNilNil3NilNilAED 2.03 GBP 0.50 Sr. No. Name of the AssociateNature and number of proceedings CriminalTaxCivilStatutoryWrit Petition Monetary claim, if any, to the extent ascertainable - 25 - ( in millions) 1. Scrabble Digital LimitedNil2NilNilNil3.53 Anadverseoutcomeinanyoralloftheseproceedingscouldhaveanadverseeffectonourbusiness, prospects,reputationfinancialconditionandresultsofoperations.Furthermore,anycriminalproceedings thatmaybeinitiatedagainstourDirectorscouldimpairtheirabilitytoserveourCompany.Forfurther details, see the section titled Outstanding Litigation and Material Developments on page 362. 3.We depend on our relationships and agreements with movie producers and distributors, and any failure to maintain these relationships, or to establish and capitalise on new relationships, could have a material adverse effect on our business, prospects, financial condition and results of operations. We receive revenues from movie producers and distributors for the secured delivery and screening of their movies.Ourabilitytoestablishandmaintainourrelationshipsandagreementswithmovieproducersand distributors iskey to ensuring thesuccess of our business,and depends on anumber offactors, including the quality, effectiveness and reliability of our digital cinema distribution platform. WithrespecttomoviesdeliveredusingourUFO-M4platform,weenterintoreleaseordersin Indiawithcontentproducers anddistributorsonamovie-by-moviebasisinsteadofenteringinto long-term agreements, and we cannot assure that they will continue to use our services on existing or favourable commercial terms, or at all. WithrespecttoourD-Cinemabusiness,weprimarilyrelyonourcontractswithcertainmajor Hollywood studios and other studios, which are subject to a variety of risks.Our rights to collect VPF D-Cinemaunder our agreementswithmajor Hollywood studios (which representsaportion ofourtotalVPFD-Cinema)areallsettoexpirebetween2018and2019.Wedonotexpectto extendorrenewthesecontracts,andiftheyarenotextendedorrenewed,weshallbeunableto continuetocollectVPFD-CinemafrommajorHollywoodstudios.Withrespecttonon-Hollywood studios, we collect VPF D-Cinema on a movie-by-movie basis instead of entering into long-termagreements,andwecannotassureyouthatdistributorswillcontinuetouseourD-Cinema services on existing or favourable commercial terms, or at all. Any expiration, termination or non-renewal of our D-Cinema deployment contracts will have amaterial adverse effect on our business, prospects, financial condition and results of operations. Ourfailuretomaintainourrelationshipsandagreementswithmovieproducersanddistributors,orto establishandcapitaliseonnewrelationshipswiththeseparties,couldharmourbusinessorpreventour businessfromgrowing,whichcouldhaveamaterialadverseeffectonourbusiness,prospects,financial condition and results of operations. 4.Wedependonourrelationshipsandagreementswithexhibitors,andanyfailuretomaintainthese relationships, or to establish and capitalise on new relationships, could have a material adverse effect on our business, prospects, financial condition and results of operations. Wereceiverevenuesfromexhibitorsprimarilythroughequipmentrentalandsalesfordigitalcinema equipment.Ourabilitytoestablishandmaintainourrelationshipswithexhibitorsiskeytoensuringthe successofourbusinessanddependsonanumberoffactors,includingthequality,effectivenessand reliability of our digital cinema distribution platform. These relationships are also subject to the following risks: Our digital cinema equipment rental contracts with exhibitors are usually for afixed-monthly fee foradurationoffiveto10yearsandthereisnoassurancethatthesecontractsshallberenewed uponexistingorfavourablecommercialterms,oratall.Further,theserentalcontractsgenerally allow for exhibitors to terminate for convenience after a period of three to fiveyears. We rely on our ability to create value and additional streams of revenue, including from advertising, to retain - 26 - ourexhibitorcustomers,butthereisnoassurancethatexhibitorswillnotterminateourrental contracts prior to their expiration date or continue to renew their contracts with us.Although our D-Cinema deployment contracts and other arrangements with movie producers and distributorsenableustocollectVPFD-Cinemafromthem,theamountofVPFD-Cinemawe collectdependsonouragreementswithexhibitors.Wedependeitheronourrentalagreements withexhibitorsorseparateVPFD-Cinemasharingagreements,tocollectVPFD-Cinemaon behalfofexhibitors.IftheserentalagreementsorVPFD-Cinemasharingagreementsare terminated, expireor are otherwisenot renewed,wewill beunableto collectVPF D-Cinemafor thatparticularexhibitor,whichwoulddirectlyreduceourrevenuesandimpactourresultsof operations and financial condition. Further, the portion of VPF D-Cinema we share with exhibitors issetoutinthesearrangementsandissubjecttonegotiationandtheirinvestmentinD-Cinema equipment. For example, certain exhibitors that invest in their own D-Cinema equipment and rely on our D-Cinema deployment contracts to collect VPF D-Cinema receive a higher portion of VPF D-CinemathanexhibitorsthatrentD-Cinemaequipmentfromus.If,afternegotiation,their portion of VPF D-Cinemaincreases,it could directly reduceour revenues and impact our results ofoperationsandfinancialcondition.Further,incertaincases,asourrentalagreementsofD-Cinemaequipmentwithexhibitorsexpire,theamountofleaserentalincomewereceivefrom exhibitors will be reduced and the portion of VPF D-Cinema that we receive from screens owned by such exhibitors will also be reduced. Our failure to maintain our relationships with exhibitors, or to establish and capitalise on newrelationships withthem,couldharmourbusinessorpreventourbusinessfromgrowing,whichcouldhaveamaterial adverse effect on our business, prospects, financial condition and results of operations. 5.We depend on our relationships with advertisers, and any failure to maintain these relationships, or to establishandcapitaliseonnewrelationships,couldhaveamaterialadverseeffectonourbusiness, prospects, financial condition and results of operations. Wereceiverevenuesfromadvertisersthroughin-cinemaadvertising.Inthefiscalyears2012,2013and 2014andthesixmonthsendedSeptember30,2014,advertisementrevenuecontributed17.84%,20.59%, 23.72% and 22.00% to our total revenue from operations, respectively. The competition for advertising expenditure is significant, and advertisers will not continue to do business withusiftheybelieveourin-cinemaadvertisingplatformisineffectiveoroverlyexpensive.Inaddition, advertisers generally have set advertising budgets, most of which are focused on traditional platforms such astelevisionand,recently,theonlineandmobilemedianetworks.Reductionsinthesizeofadvertisers budgets due to local or national economic trends, a shift in spending to new advertising platforms suchas theinternetandmobileplatforms,reductionincinemaattendance,orotherfactorscouldalsoresultin lower spending on in-cinema advertising. If we are unable to remain competitive and provide value to our advertisingclients,theymayreducetheiradvertisingpurchasesorstopplacingadvertisementswithus, whichwouldadverselyaffectourrevenueandabilitytogeneratenewadvertisingcustomers.Ourgross margin on advertisement revenue is generally higher than our other sources of revenue as wedo not incur significantadditionalcostforeachadditionaladvertisement.Consequently,changesinouradvertisement revenue will have a larger percentage impact on our profitability than changes in some of our other sources of revenue. In addition, we receive some of our advertising rights pursuant to agreements with exhibitors and may also share a portion of our advertisement revenue with them, on a case-by-case basis and subject to negotiation. If, after negotiation, they deny us a grant of their advertising rights or their share of advertisement revenue increases, our business, prospects, financial condition and results of operations may be adversely affected. Our failure to maintain our relationships with advertisers, or to establish and capitalise on new relationships withthem,couldharmourbusinessorpreventourbusinessfromgrowing,whichcouldhaveamaterial adverse effect on our business, prospects, financial condition and results of operations. - 27 - 6.Our advertisement revenue is dependent on a number of factors, including the number of screenings of movies, which is subject to factors outside of our control. Wegenerateadvertisementrevenuebasedonthenumberofadvertisementsplayedatmoviescreenings. Therefore, the amount of advertisement revenue we generate is directly linked to the number of screenings ofmovies atcinemas.Wedo not control and cannot influence thenumber ofscreenings atacinema, and thenumberofscreeningsdependsonvariousexternalfactors,includingthenumberofnewmovies releasedinaweek,thebox-officesuccessofsuchnewmovies,weatherconditionsindifferentpartsof India (for example, during extreme winter times, many theatres in the northern part of India will not screen movies at night) and specific restrictions by the laws of a region to run only set number of shows per day. Further, while there are currently no regulations governing the amount of advertising that can be played in cinemas prior to or during a movie screening, there is no assurance that this will not change based on future regulations.Consequently,anynegativedownturninthesefactorsmaydirectlyaffectouradvertisement revenuegeneration,aswellasourrelationshipswithadvertisersregardingtheeffectivenessofourin-cinema advertising platform. 7.Certain of our customers account for a large portion of our revenues. The loss or reduction in spending by any of these customers could have an adverse effect on our revenues and results of operations. Whileweseektodiversifythesourcesofouradvertisementrevenue,asignificantportionofour advertisementrevenuearederivedfromouradvertisingcontractswiththeIndianCentralandState GovernmentsandPublicSectorUndertaking(PSU)customers.Manyofouragreementswiththe Government and PSU customers are subject to certain terms and conditions, including, with respect to the CentralGovernment,anempanelmentprocess,wherebywereceiveapprovaltodobusinesswiththe CentralGovernment.Ifwefailtoadheretotheseterms,theseagreementsmaybeterminableorour empanelmentmaynot berenewed. Ifwelose any of these advertising customers, and ifwe fail to attract new customers, our revenues and results of operations will be adversely affected. Further,asignificantportionofourVPFD-CinemaiscollectedfromtheD-CinemascreensofPVR Cinemas in India. If our relationship with PVR Cinemas deteriorates, or they demand a higher share of VPF D-Cinema, our revenues and results of operations will be adversely affected. 8.Wefaceintensecompetitionandifwearenotabletocompeteeffectively,ourbusiness,resultsof operations and financial condition will be adversely affected. WefacecompetitionfromothercompaniesinourindustryinIndiaandotherregionsweoperatein, including competitors thathavealso setup, or plan to setup, asatellite-based, digital cinemadistribution network,aswellascompaniesprovidingD-Cinema,E-Cinemaandphysicalmoviedeliverymethods. Some of our competitors, particularly outside of India, may have greater financial, technical, marketing and otherresourcesthanusandthereforetheymaybeinabetterpositionthanustoinvestinnetworksor platformsortosustainlossesfromsuchinvestments.Inthefuture,wemayalsofacecompetitionfrom globalcompaniesinIndiaifandwhensuchcompaniesmaketheirforayintotheIndiandigitalcinema sector. Themarketforadvertisingisalsoverycompetitive.In-cinemaadvertisingisasmallcomponentofthe overallIndianadvertisingmarketandthusourin-cinemaadvertisingplatformmustcompetewith established,largerandbetterknownnationalandlocalmediaplatformssuchascable,broadcastand satellitetelevisionnetworksandnewlyemergingmediaplatformsincludingontheinternetandmobile suchasonlinevideoservices.Wecompeteforadvertisingrightsdirectlywithallmediaplatforms, includingradioandtelevisionbroadcasting,cableandsatellitetelevisionservices,variouslocalprint media, billboards and internet and mobile platforms and with other companies that may provide in-cinema advertising.Weexpectthesecompetitorstodevotesignificantefforttomaintainingandgrowingtheir respective market shares. We also expect existing competitors and new entrants to the advertising business to constantly revise and improve their business models in light of challenges from us or competing media platforms. - 28 - In the event thatwe are unable to compete effectively, wemay lose some or all of our share of the digital cinemadistributionnetworkmarketorouradvertisementrevenuetothesecompetitorsandourbusiness, results of operations and financial condition could be adversely affected. 9.We are exposed to pricing pressure from our customers. Ourcustomerscontinuallyseektodecreasetheircostsandtoincreasetheirmargins.Therevenuewe generate from distributors is primarily derived from VPF E-Cinema and VPF D-Cinema, some of which are subjecttonegotiation.Therevenuewereceivefromouradvertisingclientsisalsosubjecttonegotiation andpricingpressure.Additionally,wetypicallysharecertainofourVPFD-Cinemaandadvertisement revenue with exhibitors which is also subject to negotiation. In order to obtain and retain the businesses of distributors and advertisers, we may have to offer discounts or lower our current fees, and in order to obtain andretainthebusinessofexhibitors,wemayhavetoofferanincreasedshareofVPFD-Cinemaor advertisement revenue. The level of fees we receive and that we share are subject to continuous competitive pressureasweenterintonewagreementsandrenewouragreementswithdistributors,advertisersand exhibitors.Increasedcompetitioncouldalsoresultinincreasedpricingpressure.Anyreductioninthe amount of fees to us, or increase of fees shared with exhibitors, would directly reduce our revenue. 10.We may not be successful in implementing our growth strategies. Ourgrowthstrategiesinvolvegrowingouradvertisingbusinessandleveragingourtechnologyplatform andrelationshipswithproducers,distributors,exhibitorsandadvertiserstoexpandthemovieexhibition marketinIndiathroughinnovativemodels.Specifically,withrespecttoouradvertisingbusiness,weare exploring new in-cinema advertisement products such ascontent promotions and screen savers, as well as new sources of revenue, such as advertisements on commercial spaces, movie tickets, seat covers, ticketing windows, parking lots and other public spaces. With respect to our exhibition business, we are planning to expandintoinnovativenon-ticketedexhibitionmodelstoserveunder-penetratedpartsofIndiathrough CaravanCinemaandClubCinema.Weareworkingwithcontentownersandexhibitorstoscreenhigh-impact alternatecontent,such as sporting events and award nights and arealsoworkingwith othermedia firms to form advertising partnerships. Our success in implementing our growth strategies is affected by:thesuccessofournewbusinessinitiatives,includingnewadvertisingopportunities,suchas content promotion, screen savers and off-screen advertising; our ability to continue to attract new distributor, exhibitor and advertising customers; our ability to build or acquire required technology and software;our ability to attract and retain talent and qualified personnel; our ability to expand our businesses through strategic acquisitions and successfully integrate such acquisitions;our ability to form mutually beneficial partnerships with other media entities; our ability to grow our prices for advertising; the general condition of the global economy;our ability to compete effectively with existing and new competitors in our lines of business; and changes in our regulatory environment. Manyofthesefactorsarebeyondourcontrol.Therecanbenoassurancethatwewillsucceedin implementing our strategies and initiatives and if we do not succeed, our business, results of operations and financial condition could be adversely affected. 11.Our proposed acquisition of Valuable Digital Screens Private Limited could subject us to business and financial risk. OnDecember18,2014,our CompanyenteredintoaninvestmentagreementwithValuableTechnologies Limited (one of our Promoters, referred to herein as VTL), VDSPL and other parties, to acquire an initial trancheof80%oftheequitycapital(onapostissuancebasis)ofVDSPLforcashconsiderationof - 29 - approximately44.01million.However,closureofthetransaction,includingtransferandissueofequity sharesofVDSPLtoourCompanyandpaymentofconsideration,aresubjecttosatisfactionofconditions precedent (includinggrant of a perpetuallicense of thesoftwareused in digital cinema servers to VDSPL andtransferofdomainnamenecessarytoconductthebusinessofVDSPLtoVDSPL),whichmaynot occuruntilalaterdate.Thelongstopdatefortheacquisitionofthefirsttrancheaspertheinvestment agreementisJanuary15,2015orsuchotherdateasmaybemutuallyagreed.Inaccordancewithand subject to the terms of the investment agreement, by no later than August 31, 2018, or such other mutually agreeddate,ourCompanywillacquiretheremaining20%equityofVDSPLfromVTLforafurther considerationtobecalculatedinaccordancewiththetermsoftheagreement.VDSPLhastwoprimary operations:ClubCinemaandCaravanCinema.SeeBusinessRecentDevelopmentsProposed AcquisitionofValuableDigitalScreensPrivateLimitedandHistory&CertainCorporateMatters AgreementsinrelationtoValuableDigitalScreensPrivateLimitedonpages170and205,ofthisDraft Red Herring Prospectus, respectively, for further information on this acquisition. There is no assurance that the acquisition of VDSPL shall be completed in amanner contemplated under the Investment Agreement, or at all, or that the business of VDSPL shall be successful, or that we will be able to successfully operate itsbusinessorintegrateitintoourbusiness,orthatsuchbusinesswillbringusthebenefitsthatwe anticipateorenhanceourrevenueandanysuchfailureshalladverselyaffectourbusiness,re


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