MUMBAI: Super Cassettes Industries, better known as T-Series and Percept, producers of 8X10 Tasveer are locked in a battle that could well turn acrimonious as the film nears its release date.
T-Series has accused Percept Pictures of non payment of dues on 8X 10 Tasveer and has threatened to stall the release of the film. while Percept insists it was merely ' a miscommunication on part of the bank' and that the matter has been resolved amicably,
T-Series was unrelenting till late Thursday night, saying a resolution had not been reached yet.
According to T-Series, the two companies had entered into a Co-Production Agreement on 28 August 2008 wherein they were to jointly produce the film Tasveer... now renamed to 8X10... Tasveer. Not only T-Series was joint owner of the film but all music rights was to be exploited by T-Series, says the company.
However, on 4 March 2009, T-Series and Percept Pictures entered into another agreement wherein T-Series would walk out of the film and take back the money (50 per cent of the total agreed cost of the film) if the money was paid in time through post dated cheques, says T-Series.
While Percept honoured the first payment of Rs 50,00,000/- the second and final amount of Rs 6.67 crore which was given by way of post dated cheque was dishonoured on Thursday.
T-Series says that it now re-enters the picture as co-producers of the said film and have written to the laboratory to stop the delivery of film prints/ negatives until further notice in writing. T-Series shall also take all necessary legal action to protect its interest and rights, says the company.
In a release, T-Series has intimated the public not to deal with any rights in the film 8X10... without prior written consent of Super Cassettes Industries Limited on pain of legal action.
When contacted on Thursday evening, Percept CEO Navin Shah said that the dishonouring of the cheque was merely a 'miscommunication' and that a fresh demand draft had been issued to T-Series, and that the matter had been resolved amicably. T-Series president – marketing, media and publishing (TV) Vinod Bhanushali however insisted that a resolution was yet to be reached.
8X10 Tasveer is scheduled for release on 3 April 2009.