High Court orders on Vishal and Lyca Productions audit. Noted auditor Nutalapati Srikrishna has been appointed to audit the bank transactions between popular actor Hero Vishal and renowned film production company Lyca Productions. This action comes in compliance with an order issued by the Madras High Court, presided over by Judge PT Asha.
The audit is a consequence of a long-standing dispute between Hero Vishal and Lyca Productions. According to the details, Hero Vishal obtained a loan of Rs. 21.29 crores from renowned film financier and producer Anbu Chezhian of Gopuram Films to produce a film. Subsequently, as per an agreement, Lyca Productions settled this loan amount to Anbu Chezhian, with the understanding that Hero Vishal would repay this amount to Lyca Productions with an annual interest rate of 30%. However, Hero Vishal failed to fulfill his obligation to repay the loan.
Lyca Productions approached the High Court seeking legal recourse. The case has been under investigation for several months. Initially, the court ordered Hero Vishal to deposit Rs. 15 crores. However, Hero Vishal's lawyer presented the court with details of his bank accounts, expressing his inability to deposit the substantial amount due to lack of resources. Consequently, the court appointed an auditor to conduct a thorough audit of the bank accounts of Lyca Productions.
In light of these developments, Justice PT Asha issued an order designating Auditor Srikrishna to audit the bank account transactions between Hero Vishal and Lyca Productions. The audit report will subsequently be submitted to the court. Additionally, the judge directed both parties to provide the auditor with income tax returns and bank statements spanning the past three years.
This audit is expected to shed light on the financial dealings between Hero Vishal and Lyca Productions, assisting the court in reaching a just resolution to the ongoing dispute.