As a diehard fan of Tamil cinema and a seasoned observer of the industry’s intricacies, I find myself both disheartened and intrigued by the recent turn of events surrounding Studio Green and their upcoming films, Thangalaan and Kanguva. The Madras High Court’s decision to demand a deposit of Rs 1 crore each before the release of these movies is certainly unprecedented, adding an unexpected layer of suspense to an already eagerly awaited cinematic experience.
On Monday, the Madras High Court ordered Studio Green, headed by K.E. Gnanavelraja, to pay 2 crores (1 crore per film) prior to the release of their upcoming movies, Thangalaan and Kanguva. According to a report from The Hindu, the court instructed this payment to be made to the Official Assignee by August 14th. Any compliance with this ruling should be reported to the court on the same day.
Ahead of Thangalaan’s planned release on Thursday, August 15, an order was issued earlier. Moreover, the court specified that a sum of approximately Rs 10 million should be deposited before the screening of Kanguva.
As an ardent follower, here’s my take on the situation: Following a petition from the High Court’s Official Assignee, who was assigned the task of collecting debts owed by the late business magnate Arjunlal Sunderdas, the court has made some significant rulings. This legendary entrepreneur was under scrutiny for allegedly swindling millions of rupees from countless individuals through his finance and real estate ventures, luring them into investing.
In 2016, a representative (the Official Assignee) submitted an appeal to the High Court, asserting that Sunderdas agreed to collaborate on a movie with Studio Green in 2011 and pledged an investment of 40 crore rupees. From September 2011 to October 2012, Sunderdas disbursed 12.85 crore rupees to Studio Green. However, due to financial difficulties, Sunderdas had to leave the project. The production company argued that they couldn’t return the entire investment because the money had been spent on pre-production tasks.
Of the total amount, Sunderdas only recovered Rs 2.5 crore, leaving a remaining balance of Rs 10.35 crore. The Official Assignee requested the court to direct Studio Green to deposit this outstanding amount, along with 18 percent interest from December 2013, so that Sunderdas’ creditors could be reimbursed.
Studio Green countered the Assignee’s petition, stating they had resolved the debt by bestowing Sunderdas with Hindi remake rights to three Tamil films: All in All Azhaguraja, Biriyani, and Madras. They suggested that he should leverage his Bollywood contacts to sell these rights instead. However, Studio Green could only provide a copy of the alleged agreement, explaining that the original document was lost during the 2015 floods.
According to The Hindu’s report, during questioning, V.K. Easwaran, a Studio Green partner, acknowledged that their main office on the second floor of a Thanikachalam Street building in T. Nagar, Chennai, was not harmed by floods. He added, though, that papers concerning the Sunderdas transaction were kept on the ground level of another office on Masilamani Street in the same neighborhood, where they were said to have been destroyed. He also mentioned that this damage had been communicated to the tax authorities in 2016.
On August 29, 2019, the Division Bench granted the Official Assignee’s request, expressing uncertainty about Studio Green’s statements. The court pointed out that the supposed agreement between Sunderdas and Studio Green was not submitted, and the date of this agreement was also omitted.
Furthermore, the court found that neither the value nor the goodwill of the three films was revealed, and no proof was presented to substantiate the assertion that the remake rights were worth approximately Rs 10.35 crore. Additionally, the photocopies of the documents provided were deemed unpersuasive by the court, while the explanation for the loss of originals in floods did not withstand scrutiny during cross-examination. As a result, Studio Green was instructed to deposit Rs 10.35 crore, including interest at an annual rate of 18 percent from the year 2013 onwards.
Because Studio Green failed to adhere to a court order from 2019, the Official Assignee has submitted a current petition for execution. This petition aims to seize all future films belonging to Studio Green, such as Thangalaan and Kanguva, until the company follows the court’s instructions that are now five years old.
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2024-08-12 16:07