The cheque bouncing issue between Super Cassettes Industries Limited (T-SERIES) and Percept Picture Limited has been resolved. Percept has issued a demand draft for the amount of Rs. 6.67 crores and T-Series has received the due money.
Till a day back, there was a new twist to the imbroglio between Super Cassettes Industries Limited (T-SERIES) and Percept Picture Limited. There was a big ‘hungama’ when Percept’s cheque of Rs.6.67 crores bounced. Due to failure on part of the Percept Picture to honor the second installment, T-SERIES had entered back the film as it’s co-producers and had threatened to stall the film’s release while also taking all necessary legal action.
“There was a confusion in the media that a cheque give to T-SERIES by us with regards to payment of ‘8 x 10 TASVEER has been bounced. This is to clear that there was some miscommunication on the part of the bank. However, now it is very clear as we had already given a demand draft of the same to T-SERIES”, says Navin Shah, CEO, Percept Picture Company.
While Percept believed that things were under control and the Akshay Kumar starrer ‘8X10 TASVEER’ was all set to release as per schedule on 3rd April, T-Series was convinced that it won’t allow this to happen till it gets back the money it owns.
Vinod Bhanushali, T-Series president – Marketing, Media, and Publishing (TV) had fumed, “What demand draft, I haven’t received any formal communication around this by far. They can’t first have a cheque of theirs bouncing and then immediately come up with a DD. Doesn’t it mean that they knew what they were up to and already had a DD ready? Let me see the DD for myself and then we will talk.”
However, all is well that ends well since T-Series has finally received the DD and are no more threatening to stall the release of 8X10 TASVEER.
Navin smiles though on all the to and fro communication, “It is only helping the film further. As we know, any publicity is good publicity. Even if it is a little on the negative side, I really don’t mind that. As from our side, the payment has been made now. What is a definite relief though is that the film will arrive on 3rd April as planned.”
“It was all wrong on pert of Percept though”, says Vinod, “They shouldn’t have held us on ransom for no fault of ours. In this business you never know; if you don’t get all dues cleared before a film’s release, then just imagine what would happen once the film is already in theaters. We didn’t want to take any chances.