Panache Innovations Limited announced that, pursuant to the intimation filed by the Company on September 16, 2020,in relation to the Trademark License Agreement for brand HYUNDAI and launching various products thereunder, please be informed 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 agreement to Hyundai Corporation Holdings Co. Ltd. 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. Ltd. 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. Ltd.