BANGALORE: Sharavana Prasad, managing director of Innovative Film City, stated that the company had not received `150 crore funds from the investors and the total cost of the project was only `90 crore.
In a press meet held on Monday, Prasad claimed that the company had cleared all the dues. “Somashekar, the complainant, is trying to defame the promoters by engaging in malicious prosecution, with an intention to take over the company,” he siad. Police had questioned Prasad in connection with the cheating case.