No dough? Rs 6.6 cr cheque bounces
The dispute revolves around the Akshay Kumar film 8X10, earlier titled Tasveer, set to release on April 3. As per a 50-50 deal signed on August 28 last year, the two companies were to jointly produce the film.india Updated: Mar 27, 2009 17:16 IST
The cash crisis in Bollywood touched a new low when a cheque for Rs 6.67 crore given by Percept Picture Company to Super Cassettes Industries Limited (T-series) allegedly bounced on Thursday. While PPC claims the money has been paid, T-Series denied it till the time of this edition going to press.
The dispute revolves around the Akshay Kumar film 8X10, earlier titled Tasveer, set to release on April 3. As per a 50-50 deal signed on August 28 last year, the two companies were to jointly produce the film.
T-series was the joint owner of the film and had the music rights, too. On March 4 this year, T-Series wanted to quit the project. As per the new agreement, it would leave the project with its total investment, but if PPC was unable to pay that sum, T-Series would get full production rights to the film. PPC offered to pay by post-dated cheques.
“While Percept honoured the first payment of Rs 50,00,000, the second and final cheque for Rs 6.67 crore was dishonoured on Thursday,” says Vinod Bhanushali of T-Series. Now, as per the revised deal, T-Series wants to exercise its right as the only producer of 8X10. Bhanushali says, “We have written to the [film processing] lab to stop the delivery of film prints and negatives until further notice in writing.”
A source from PPC counters, “The commitment was to present the cheques only after the release of the film.” Navin Shah, chief financial officer of PPC, tells us, “We are not fools to put our Rs 60 crore project at stake for a meagre sum of Rs 6 crore. The money has already been given to T-series and it is resolved.”
However, when HT City asked T-Series about this, it again denied getting any payment. “PPC still stands as the defaulter,” says Bhanushali.