Percept Picture Defaults on Payment of Rs.6.67 crores to T-Series, “8X10†Tasveer Release may Stall. Super Cassettes Industries Limited (T-SERIES) and Percept Picture Limited had entered into a Co-Production Agreement on 28-Aug-2008 wherein they were to jointly produce the film “Tasveer†now renamed to “8X10â€. Not only T-Series was joint owner of the film but all music rights was to be exploited by T-SERIES only.
However, on 4-Mar-2009 T-Series and Percept Picture entered into another agreement wherein T-Series would walk out of the film and take back the money (50% of total agreed cost of the film) if the money was paid in time through the post dated cheques. While percepts honoured the first payment of Rs. 50,00,000/- the second and final amount of Rs.6.67 crores which was given by way of post dated cheque was dishonoured today.
And now, due to failure on part of the Percept Picture to honour the second installment, since their cheque was dishonoured by their Bank, as agreed by Percept Picture in writing, T-SERIES now enters back 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.
All persons in public and particularly in the Film & Entertainment Industry and trade are cautioned not to deal with any rights in the film “8X10†without prior written consent of Super Cassettes Industries Limited and if they do so, they shall be liable for damages and legal action at the option of Super Cassettes Industries (T-Series).
