CHENNAI: The Ocher Studios Private Limited in Abhiramapuram, of which Soundarya, daughter of actor Rajinikant, is said to be the managing director, has agreed to furnish bank guarantee as security towards the amounts allegedly borrowed from NAPC Properties Private Limited in Nandanam and Varun Manian of Venus Colony.
Passing interim orders on the applications arising out of civil suits from NAPC Properties and Varun Manian, Justice G Rajasuriya on December 1 had restrained Soundarya and the Gemini Colour Laboratories in KK Nagar from releasing the Tamil feature film Goa.
NAPC Properties had alleged that Soundarya had borrowed Rs 1.10 crore and Varun contended that he had lent Rs 50 lakh. But the amounts were not settled till date, they alleged.
When the matter came up for hearing on Monday, counsel for Ocher Studios told Justice Rajasuriya that the company was ready to furnish a bank guarantee as security for Rs 1.10 crore. In respect of Varun Manian, the company made a similar offer with regard to Rs 50 lakh.
And the judge granted time till December 21 to Ocher Studios to furnish the bank guarantee without prejudice to the contention to contest all the issues.
The judge, however, made it clear that if no security was furnished by December 21, the orders already passed (interim injunction against the release of Goa) would hold good. Otherwise, the order would stand automatically vacated, the judge added.
Meanwhile, in its counter, Ocher Studios submitted that the amounts in question were only the investments made by the plaintiffs in the company. Attracted by the phenomenal growth and further potential of Ocher Studios, the plaintiffs voluntarily offered to make investments.