CHENNAI: The Madras High Court on Tuesday refused to grant additional time to actor Vishal to deposit Rs 10 crore in court in connection with a loan repayment dispute involving Lyca Productions, and dismissed his petition seeking an extension.
The case pertains to a financial arrangement under which Lyca Productions repaid a loan of Rs 21.29 crore, which Vishal had borrowed for his company, Vishal Film Factory, from film financier Anbuchezhian's Gopuram Films.
Under the agreement, Lyca held the rights of all films produced by Vishal's company until the amount was recovered. They later alleged that the terms were violated and that films were being released without settling the dues.
The company moved the Madras High Court seeking recovery of the amount. A single judge subsequently directed Vishal to repay Rs 21.29 crore with 30 per cent annual interest.
On appeal, a Division Bench of the High Court stayed the Single Judge's repayment order and directed Vishal to deposit Rs 10 crore with the court. Vishal filed a petition seeking a six-week extension to deposit Rs 10 crore. His counsel, AK Sriram, explained that the actor's bank accounts were attached and sought an extension.
Hearing the plea, the division bench comprising Justices CV Karthikeyan and K Kumaresh Babu dismissed the plea. They observed that more than eight weeks had already passed since the extension plea was filed, and no further extension could be granted.