Panache Innovations announced that considering the challenging situation faced by the company and as a consequence of the COVID-19 led restrictions, the company had expressed its inability to pay the
royalty amount as per the trademark license agreement to Hyundai Corporation Holdings Co.
The Company had requested for waiver of royalty amount to be paid as per the agreement terms. After due consideration and extensive deliberation, Hyundai Corporation Holdings Co. has intimated their inability to grant this waiver and considering the situation the Trademark license agreement stands cancelled as communicated to the company by Hyundai Corporation Holdings Co.
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