Pernia Qureshi sends notice to PSL, Axis as ₹680-cr IPO
Fashion entrepreneur Pernia Qureshi and Pernia Qureshi Consultancy just sent a legal notice to Purple Style Labs (PSL) and Axis Capital as PSL's ₹680-crore IPO opens for subscription today.
The clash? An investor communication dated August 26 by Axis Capital told investors it owns the rights to "Pernia's," "Pernia's Pop-Up Shop," "PPUS" and their derivatives forever, but Qureshi isn't having it.
Pernia Qureshi disputes license scope
Qureshi says her February 2018 asset purchase/licence agreements with PSL only let it use "Pernia's Pop-Up Shop," not just "Pernia" or anything else.
After she raised concerns, Axis Capital updated its IPO note to clarify that PSL's rights are limited to "Pernia's" on a "perpetual, sole, exclusive and worldwide" basis only in connection with "perniaspopupshop," "Pernia's Pop Up Shop," "PPUS" and related derivatives.
This disagreement is now officially listed as a risk for anyone thinking of investing.
PSL defends license, rebuffs Pernia Qureshi
PSL insists it hasn't broken any rules and that its license is solid and permanent, but only in connection with "perniaspopupshop," "Pernia's Pop Up Shop," "PPUS" and related derivatives.
It has pushed back on Qureshi's attempt to end the agreement earlier this year, sticking by its original deal.