Bluegod entertainment Limited has announced its decision to halt the proposed Intellectual Property Assignment Agreement with Absolute Legends Sports Private Limited, citing compliance with a recent court order. The company informed the BSE on March 19, 2026, about this significant development that affects its planned acquisition of rights related to Legends League Cricket.

Court Order Impact

The Delhi High Court issued an ad-interim order on March 18, 2026, creating a legal obstacle for the proposed transaction. The court order specifically restrains Absolute Legends Sports Private Limited from several key activities:

Background of the Proposed Deal

Bluegod Entertainment had previously disclosed on February 28, 2026, that it executed a Term Sheet with Absolute Legends Sports Private Limited. The Term Sheet outlined the primary terms and conditions for entering into the comprehensive Assignment Agreement. The proposed agreement involved:

• Transfer of Intellectual Property rights relating to Legends League Cricket
• Assignment of Intellectual Property Rights currently owned by Absolute Legends Sports
• Rights for commercialization, promotion, and exploitation purposes
• Complete control and ownership transfer to Bluegod Entertainment

Company's Compliance Decision

In strict compliance with the Delhi High Court's order, Bluegod Entertainment has decided to suspend all activities related to signing and executing the Assignment Agreement. The company emphasized that this decision is made "currently" and is directly linked to the court's restraining order. Managing Director and CFO Nitin Ashokkumar Khanna signed the regulatory filing, confirming the company's adherence to legal requirements.

Regulatory Disclosure

The company filed this intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. This regulation mandates listed companies to disclose material events and information that could impact investor decisions. The disclosure demonstrates Bluegod Entertainment's commitment to transparency regarding developments that affect its business operations and strategic initiatives.

Bluegod Entertainment Limited's Board of Directors concluded a comprehensive meeting on February 28, 2026, approving detailed terms for its ₹31.63 crore rights issue and confirming March 6, 2026 as the record date. The meeting, held at the company's registered office in Indore from 5:00 PM to 5:35 PM, addressed multiple strategic initiatives including rights issue finalization and intellectual property agreements.

Rights Issue Terms and Structure

The Board approved comprehensive terms for the rights offering, building upon earlier approvals from the Rights Issue Committee and BSE Limited's in-principle approval received on February 25, 2026.

Record Date and Timeline Framework

The Board fixed Friday, March 6, 2026 as the record date for determining eligible equity shareholders entitled to receive rights entitlements, in compliance with SEBI regulations.

Share Capital Impact and Payment Terms

The rights issue will significantly expand the company's equity base upon full subscription, with the entire amount payable on application.

Regulatory Compliance and Demat Arrangements

In accordance with SEBI Master Circular SEBI/HO/CFD/PoD1/P/CIR/2024/0154 dated November 11, 2024, the company has established necessary arrangements with NSDL and CDSL for crediting rights entitlements in dematerialized form to eligible shareholders' demat accounts prior to the issue opening date.

Strategic Developments and IP Assignment

The Board also approved a Term Sheet executed with Absolute Legends Sports Private Limited on February 28, 2026, for transferring Intellectual Property Rights relating to Legends League Cricket. However, the company confirmed its decision not to proceed with acquiring or operating any team in the Legends Cricket League at this stage, following internal evaluation of the earlier proposal announced in October 2026.

Next Steps and Documentation

Detailed terms of the rights issue, including application procedures and fractional entitlements, will be specified in the Letter of Offer to be filed with BSE Limited and SEBI. The company has ensured complete adherence to statutory formalities under Regulations 30, 42, and 68 of applicable SEBI regulations.