Time granted to Soundarya Rajnikant to give bank guarantees
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Last Updated: Monday, December 07, 2009, 23:24
Chennai: The Madras High Court on Monday granted time till December 21 to Soundarya Rajnikant, Managing Director of Ocher Studios and daughter of superstar Rajnikant, to furnish bank guarantees of Rs 1.10 crore and Rs 50 lakh after which the Tamil film 'Goa' produced by it could be released.

Justice G Rajasuria passed the order after recording a submission by Ocher Studios Private Ltd counsel to furnish a bank guarantee for the money as security for pro-notes amounts by December 21 on a civil suit by NAPC Properties Private Ltd.

NAPC had sought a direction to restrain the producers from releasing the movie till Rs 1.36 crore and Rs 73.14 lakh (both inclusive of interest) provided to the studios were returned.

The Judge made it clear that if the security was not furnished, the December 1 interim order restraining the studios from releasing the movie would continue.

In a counter affidavit, chief marketing officer of the Studios G Kartik claimed the MD Of NAPC Properties Varun Manian, well acquainted with Rajnikant's family, was keen on investing in the studios and had persuaded the company to accept investments of Rs 1.10 crore and another Rs 50 lakh.

Denying that the money had not been furnished for production of 'GOA", the affidavit said that Rs 20 lakh had been repaid on June 10 last showed that the Studio had only received the amounts as investment and there was no agreement between the parties to pay interest.

The affidavit contended that the film was not being produced by Ocher Studios, but by Ocher Picture Production, of which Soundarya Rajnikant was the sole proprietor.

According to the suit, Soundarya Rajnikant had approached NAPC to finance the movie and promised to return the principal along with an annual interest of 24 per cent.

Ocher Studios had acknowledged receipt for Rs 50 lakh furnished on Dec 27, 2007 and Rs 60 lakh on Feb 25, 2008 and had executed a promisory note. Besides, Manian had provided an additional Rs 50 lakh in Dec 2007, the suit said.


First Published: Monday, December 07, 2009, 23:24

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