Tuesday, November 12, 2024

Pay Rs 30 crores or Kanguva has no release says Court


 Today two cases against Kanguva  cropped up in Madras High Court today. A few days ago Studio Green the Producers cleared Rs 100 crores due to Reliance. After that a case pending filed by kegal assignee for a suit filed to recover money due to financier Arjundas who filed  insolvency. Studio Green owes Rs 10 crore to Arjundas and in an earlier hearing the court asked the producer to deposit Rs 1 crore before Thangalaan release and rest amount of Rs 20 crores by November 7th. In today’s hearing Studio Green deposited Rs 1 crore but pleaded inability to raise Rs 9 crores plus 11% interest.  Next case by Fuel Technology who that it was given rights to exploit Hindi dubbing rights for three films. Out of these two films= Muthaiyaa direction film with Suriya and a film by Lingusamy starring Allu Arjun were dropped and only Thana sera Kootam with Suriya and Vignesh Shivan was completed and released. This film’s Hindi rights was however given to PEN India by K E Gananvel who as First Defendant in the name of Adnah Arts had taken .6,60,00,000/ and sold it in the banner of Studio Green.

Rs 5,00,00,000 was adjusted towards this film and remaining Rs 1,60,00,000 was due to Fuel Technology. With 36% interest as per agreement, a total of Rs 11,00,00,000 crore was outstanding. A total of Rs 31 crores has to be paid by November 13 or film will not release. Studio Green told the court that if the film was not released on said date, it will not be able to pay those who are asking for money. The petitioners pointed out that the film producer had deposited Rs 100 crores to pay Reliance.

As per trade the production company has clocked Rs 190 crores pre- release sales within India and overseas. As per advance bookings, a Rs 15 crore sales was expected but this seems to be not possible as the number of screens that it desired is not got due to Amaran going strong and also the theatre share percentage issues. Added to this the low depression that threatens to turn into a storm and last till November 15th is a major threat for Tamil Nadu business. North India theatre advance bookings are also weak.

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