Madras HC directs Vishal to furnish assets details

CHENNAI: The Madras High Court on Friday directed actor Vishal to file an affidavit explaining the details of his assets in a case filed by Lyca Productions against the actor in connection with his loan of Rs 21 crore.

Justice Senthilkumar Ramamoorthy passed the direction on hearing the petition of Lyca and Vishal was present before the court.

According to Lyca, the court directed the actor to deposit Rs 15 crore in a nationalised bank in favour of the Registrar-General of Madras High Court, but the actor did not deposit a single rupee.

As the court summoned Vishal for his physical appearance, the actor had come to the court.

The judge asked Vishal why he failed to deposit the amount as directed by the court. Vishal submitted that he faced 18 crores of loss in a single day and he has been paying interest for the amount. Vishal, further, informed the court that he could not be in a position to deposit the amount even after six months.

Lyca's counsel rejected the contention saying that the actor has been doing back-to-back movies and he can deposit the amount. The actor is suppressing the facts, the petitioner added.

Recording the submission, the judge asked whether Vishal was coming to say that his film career was over.

Nevertheless, Vishal noted that he has been acting in the movies certainly for the sake of paying back all his loans but the petitioner has been approaching the court every time to restrain him from releasing the movies.

Countering the actor's submissions Lyca submitted that he has assets and getting remuneration for having acted in the movies. Vishal said that he does not have any assets.

The judge directed the actor to file an affidavit regarding his asset details and his submissions on September 9.

The matter is about Vishal's loan of Rs 21.29 crore that he has to return to Lyca. "Since the actor borrowed the money from financier Anbu Chezhiyan, we agreed to pay the loan on the condition that Vishal should assign the rights to the movies produced by his production house. When Vishal intended to release Veerame Vaagai Sudum, a movie produced by him, he did not give any theatrical and OTT rights to us. Hence, we approached the court," Lyca submitted through its counsel.