The production company of the eagerly awaited Tamil film, ‘Utahama Villan’, has guaranteed in high court about the repayment of debts with interest.
A petition given by Mr. Thangaraj of Valasarawalkam informs that he is a shareholder of the company, ‘Thangam Cinemas’. Mr. N. Lingusamy is the Managing Director of Thirupathi Brothers Fil Media. N Subash Chandra Bose is a director of the company. They have produced a Tamil movie, ‘Uthama Villain’ starring Kamalahassan, Pooja Kumar, and others.
Mr. Lingusamy & Mr. Subash Chandra Bose took a loan of Rs. 2 Crores from me. As per the agreement, annual interest rate of 12% will be calculated and the total amount covering the principal & interest will be repaid before the release of the movie. The rights of the movie& distribution of the film in Chingleput region will be with me.
However, a part of this agreement has been violated as Thirupathi Brothers Directors have decided to sell the releasing rights to another private company. They are also planning to release the film without repaying the loan of Rs. 2 Crore and the interest.
Hence, Mr. Lingsamy & Mr. Subash Chandra Bose must be ordered to pay me a total of Rs. 2.22 Crres (Rs. 2 Crores principal & Rs. 22 Lakhs interest).
The petition came up for enquiry with Judge Mr. K Ravichandra Babu yesterday (Friday, 24th April).
Advocate, Mr. M N Joseph, arguing on behalf of Lingusamy, informed that the amount due to Mr. Thangaraj will be paid before release of the movie.
The judge noted this and informed that he is deferring the case to 28th April before which the debt & interest should be returned to the petitioner and a report should be submitted in the high court.
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