The Madras High Court on Tuesday decreed suits between NAPC Properties Limited and Varun Manian, a financier (both plaintiffs), and Ocher Studios Pvt. Limited and Sri Raghavendra Educational Society (defendants).
This followed a memorandum of compromise arrived at and agreed upon between the plaintiffs and defendants. In view of the compromise, Justice V. Periya Karuppiah decreed the suits in terms of the compromise memo.
The defendant-related entities included Ocher Picture Productions, Soundarya Rajinikanth and Latha Rajinikanth and the entities owned or controlled by them.
As per the memo of compromise, the defendant group should pay Rs.2.33 crore to the plaintiffs.
A total of Rs.1.60 crore would be paid by Indian Bank, Eldams Road branch, in favour of NAPC Properties Ltd.
The sum would be paid by the branch upon encashment of fixed deposits issued by the branch in favour of the defendants, that is, Ocher Studios Pvt. Ltd; Rs.15 lakh cheque in favour of NAPC Properties drawn on Canara Bank, St. Mary's Road, Chennai issued by Raghavendra Educational Society and Rs.58 lakh on or before 45 days from the date of compromise, that is, May 21.
According to the plaintiffs' counsel, Abudu Kumar Rajaratnam, NAPC Properties paid Rs.1.10 crore to the defendants during 2007-08 for producing the Tamil film Goa . The defendant companies had also executed promissory notes guaranteeing repayment at 24 per cent interest per annum. But no repayment was made.
