Time granted to Soundarya Rajnikant to give bank guarantees

Last Updated: Monday, December 7, 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.

PTI



First Published: Monday, December 7, 2009 - 23:24

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