Quess Corp chairman Ajit Isaac has wished East Bengal the best after confirming the termination of the Joint Venture (JV) between the Bengaluru-based firm and the club on Friday.
In an official statement, Ajit Isaac stated that the development was done on mutual terms and the sporting rights to field a team in a recognised tournament has been handed back to the club.
The statement read, “We are pleased to inform that the JV agreement closure has taken place between Quess Corp and EBC on mutually agreed terms. The formalities pertaining to termination of the JV agreement between Quess, QEBFC and EBC was concluded on 17 July 2020. Consequent to this the sporting rights have been returned to the Club and the shares held by the Club in QEBFC have been returned to Quess.
He went on to wish the club well in their future endeavours and praised the supporters of the Red and Golds.
“Upholding the future of the game as well as its supporters has been our sole intent from the very beginning and we are glad that we have been able to resolve all points of discussion in good faith. We believe that the club has fantastic potential and we leave with good memories of the diehard supporters, its talented players and its many sporting victories which we still cherish. We wish the club only the best as we move forward.”
Earlier on Friday, the company had sent a letter addressing to the Department of Corporate Services of the National Stock Exchange of India Limited where they stated, “Please note that the Board of Directors has considered, approved and noted execution of termination of the Share Subscription and Shareholder’s Agreement (“Agreement”) dated July 5, 2018, executed between Quess East Bengal FC Private Limited (“QEBFC”), East Bengal Club (“Club”) and the Company.”