Actor-producer Vishal Krishna Reddy is currently under troubled waters. The Laththi actor has gotten himself into a legal battle for taking a loan of Rs 15 crore from Gopuram Films’ producer Anbuchezhian. Vishal used the money to make the 2016 action romance Marudhu. But, being unable to pay the loan amount in due time, the interest rate surged to Rs 21.29 crore. Now, on April 5, the Madras High Court has registered a case against Vishal, restraining the actor from releasing any films either in cinemas or on any of the OTT platforms, unless he pays Rs 15 crores to the court. The same was directed by a single judge on March 8, the previous year.
Earlier, Lyca Productions pressed charges on Vishal to the court, stating that the actor owed the production company Rs 21.29 crore, excluding the interest which began in 2019. Vishal too made an appeal in 2022, challenging the order issued by Justice Senthilkumar Ramamoorthy. But operating Chief Justice T. Raja and Justice D. Bharatha Chakravarthy declined to hear the appeal.
The first Division Bench amended the single judge’s order by adding a new provision. It prohibited Vishal from releasing any of his films if he failed to comply with the order of depositing Rs 15 crore to the credit of the civil suit brought by Lyca Productions to recover the money.
According to a report by The Hindu, when Vishal asked Lyca Productions to grant him a loan, the production house complied, assuming that he was in need of money. According to the terms of the agreement, the actor was required to pay back Lyca the total loan amount in addition to 30 per cent annual interest. In 2021, the production company filed a money recovery suit after Vishal broke his commitment.
By then, Vishal’s debt reached a total of 30 crores, including interest. As a result, the single judge had ordered him to deposit the 15 crores into a fixed account to the civil case’s credit. In addition, the judge also instructed the actor to give the Registrar of the High Court the original FD receipts, following which Vishal contested the judgment with his now-rejected appeal.
Read all the Latest Showsha News here
Comments
0 comment