Fenil and Bollywood

Posts Tagged ‘mukul rohatgi

Wanted

Swati Deshpande I TNN (THE TIMES OF INDIA; September 10, 2009)


Mumbai: The Supreme Court on Wednesday allowed film producer Boney Kapoor to release his film Wanted (actor Prabhudeva’s directorial debut and a Salman Khan and Ayesha Takia-starrer) on its scheduled release date of September 18 against a deposit of Rs 2 crore in court within a week.


Kapoor had, through his lawyers Mukul Rohtagi and Ameet Naik, rushed to the apex court against a Bombay high court order directing him to furnish Rs 10 crore as security deposit in his dispute with B4U group. The high court had restrained Kapoor from creating third-party rights in respect of five films being produced by him, including Wanted. Taking the HC order to mean that Wanted would be left wanting a re
lease, he moved the SC in appeal. The apex court clarified that he could release the film.


Kapoor had signed an MoU with a B4U company in September 2006 for a joint venture to produce films. As Kapoor was in a debt trap and the JV understanding was still being discussed, LMB (a B4U group company) executed an agreement in August 2007 and extended an advance of Rs 10 crore to acquire rights of Kapoor’s five films. But the price of the five films was not fixed and Kapoor said he and B4U were unable to reach any joint-venture understanding. Kapoor’s claim was that he had to produce films to get out of his debt trap and “in the absence of any funds from B4U, he joined hands with Sahara and produced Wanted’’.


Aggrieved at Kapoor’s act, B4U filed a petition in December 2008 after more than a year to secure its claim of Rs 10 crore. The HC in February dismissed the petition on the grounds of delay, but allowed B4U to move before a sole arbitrator, who also dismissed B4U’s petition. Against the arbitration, B4U filed an appeal in the HC and succeeded. The HC directed Kapoor to deposit Rs 10 crore and not create further assignments.


Senior counsel Ashok Desai appearing for B4U did not object to the film’s release, but wanted Rs 10 crore deposited. Kapoor said that since it was just one film’s release, Rs 2 crore would be appropriate at this stage. Kapoor’s petition will be heard on September 29.

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