CHENNAI: The Madras High Court has set an ultimatum to film producer KE Gnanavelraja to deposit Rs 20 crore in the account of the official assignee of the court, who was appointed to manage the assets of an insolvent who had lent funds to him, by Wednesday midnight if the Surya starrer Kanguva has to be released as scheduled on Thursday.
“If the second respondent (Gnanavelraja) deposits Rs 20 crore on or before the midnight of November 13, he can proceed to release the movie on the condition that he shall render the account for the collection of the movie within a week from release,” a division bench of Justices G Jayachandran and CV Karthikeyan said in the order passed on Monday.
The bench directed him to pay the amount to the account of the official assignee.
The orders were passed on an application filed by the official assignee seeking to modify the August 12 order of the court which, then, directed Gnanavelraja to deposit Rs 1 crore as a condition for releasing Kanguva. As directed, he deposited Rs 1 crore on Monday when the application came up for hearing.
As sought by the official assignee stating no more movie is in the pipeline, the court issued the fresh order.
Meanwhile, Justice Abdul Quddhose on Tuesday restrained the producers from releasing Kanguva unless Rs 1.6 crore is deposited in the account of the registrar general of the court. Order was passed on a plaint filed by Fuel Technologies International Private Limited which alleged that Gnanavelraja had owed the amount as he failed to honour an agreement entered into for certain dubbing rights of three movies.