Read Time: 03 minutes
The single-judge bench passed the order in a case related to a loan obtained by the actor from Anbuchezhian of Gopuram Films. The loan was later taken over by Lyca Productions.
The Madras High Court on Friday directed Actor Vishal Krishna Reddy to file an affidavit disclosing his assets by September 9, 2022, in connection with a loan default case filed by Lyca Productions.
The bench of Justice Senthilkumar Ramamoorthy passed the order when the case involving the repayment of Rs.21.29 crore to Lyca Productions was taken up for hearing.
Actor Vishal Reddy allegedly obtained the loan from Anbuchezhian of Gopuram Films, and the loan was later taken over by Lyca Productions with an agreement of the first lien on all rights, titles, and interests in all his future projects until the loan was fully repaid.
Vishal and Lyca Productions reportedly signed an agreement on September 21, 2019.
Lyca Productions asked the court to issue orders directing that all funds received or receivable by the actor and producer in connection with the film 'Veerame Vagai Soodum' be deposited to the credit of the suit.
Earlier, Justice Ramamoorthy noted that the agreement prima facie revealed that Vishal was obligated to pay Lyca Productions a sum of Rs.21.29 crore, but Vishal contended that he only took an initial amount of Rs.12 crore and later Rs.3 crore, and thus the claim of Rs.21.29 crore was untenable.
Accordingly, Court ordered him to deposit Rs.15 crore as a fixed deposit in the name of the Registrar of the High Court.
Case Number: A.Nos.3156, 3685 & 3686 of 2022 In C.S.No.59 of 2021
[Inputs: The New Indian Express]
Please Login or Register
