Latest news with #VishalKrishnaReddy
The Hindu
a day ago
- Entertainment
- The Hindu
Levy of 30% interest by film financiers not usurious, says Madras High Court
The Madras High Court has refused to accept the argument of actor Vishal Krishna Reddy that the levy of interest at the rate of 30% per annum by financiers in the film industry was usurious and against the provisions of the Tamil Nadu Prohibition of Charging Exorbitant Interest Act, 2003. Justice P.T. Asha also found the actor to have made false averments on oath in a case related to the repayment of ₹30.05 crore with 30% interest from February 16, 2021, and rejected his claim of having signed the loan agreement with Lyca Productions Private Limited in 2019 without reading its contents. The judge decreed a suit filed by Lyca Productions in 2021 for recovering the entire loan liablity with interest. Finding the actor to have not been forthcoming with his bank statement and not attempting to discharge even a part of the loan amount, the judge also imposed costs on him. Senior counsel V. Raghavachari, representing Lyca Productions, told the court that Mr. Vishal had originally taken a loan of ₹21.29 crore from Anbuchezhian of Gopuram Films for making a movie titled Marudhu in 2016. Since the actor could not discharge the liability, Lyca had taken over the loan. After settling the entire amount to Gopuram Films in different tranches, Lyca made Mr. Vishal sign an agreement on September 29, 2019, agreeing to repay the loan amount with interest before December 31, 2020. However, since he did not honour the agreement, the present civil suit was filed in 2021. Refuting the claim made by Lyca, the actor denied having taken a loan of ₹21.29 crore either from Gopuram Films or Lyca Productions. He said, Marudhu was produced by Gopuram Films and and hence, the question of taking a loan would not arise at all when he had only acted in the movie for remuneration. He also claimed to have had a financial dealing only for a sum of ₹12 crore with Gopuram Films and said that he had signed the 'one-sided' agreement with Lyca in 2019 without reading all of the clauses because he had reposed total trust upon the production company and did not expect any foul play. He also argued that the interest rate of 30% demanded by Lyca was usurious and exorbitant. On the other hand, Mr. Raghavachari told the court that 30% was the standard rate of interest levied by film financiers because they give away crores of rupees in loan, and that Gopuram Films had also charged 30% After recording their submissions, Justice Asha recalled that the High Court had in Indiabulls Financial Services Limited versus Jubilee Plots and Housing Private Limited (2010) refused to interefere with the 33% interest rate, and held that it would not be violative of the provisions of the 2003 Act. Then, the court had categorically stated that the 2003 Act was intended to protect gullible people who borrow small amounts of loan and get slapped with usurious interest rates and not for mammoth loan transactions carried out for huge sums under the Negotiable Instruments Act of 1881. 'In the instant case, the defendant (Mr. Vishal) has signed the dotted lines agreeing to pay interest at 30% p.a... After having promised the plaintiff (Lyca) that the amount would be repaid with interest at 30% p.a., the defendant is now attempting to renege on his agreement,' Justice Asha concluded.
New Indian Express
2 days ago
- Entertainment
- New Indian Express
Madras HC orders actor Vishal to pay Rs 30 crore with interest to Lyca Productions
CHENNAI: The Madras HC has ordered actor and film producer Vishal Krishna Reddy to pay Rs 30.05 crore along with 30% interest per annum, as claimed in the civil suit, to Lyca Productions. Justice PT Asha passed the orders on Thursday decreeing the suit filed by the Lyca Productions which prayed for the court to issue orders to Vishal in this regard. The judge allowed the suit claim of Rs 30.05 crore along with 30% interest per annum from the date of institution of the suit to Lyca Productions directing Vishal to pay the amount and adjust the Rs 2.6 crore, which he had deposited on the suit, against the total liability. Lyca Productions approached the court in 2021 seeking directions to the actor to pay Rs 30.05 crore along with the 30% interest alleging that he had defaulted on the repayment of Rs 21.20 crore owed to the firm by way of taking over his debt of Rs 15 crore from film financier Anbuchezhian. It said the loan was taken over and discharged by it with an agreement providing for first lien on all rights, titles and interest in all future film projects of Vishal until the loan was fully repaid. However, he had not honoured the agreement leading to multiple litigations.
Hindustan Times
12-05-2025
- Entertainment
- Hindustan Times
Actor Vishal collapses on stage at beauty pageant in Tamil Nadu, rushed to hospital; team issues health update
Actor Vishal Krishna Reddy, known in Tamil cinema as just Vishal, suffered a health scare on Sunday when he collapsed on stage at an event he was attending in Villupuram, Tamil Nadu. The actor was immediately rushed to the hospital and his team later informed the press that he was stable. According to multiple reports, Vishal was attending the Miss Koovagam Transgender Beauty Contest in Villipuram on Sunday. Videos that have emerged on social media show him arriving at the event. According to Times Now, the actor was on stage at the event when he collapsed and likely fainted. The report stated that former Tamil Nadu minister K. Ponmudy, who was at the event as well, coordinated with the event management team to rush Vishal to a hospital in Chennai. On Monday, Vishal's team released a statement on his health update. "We would like to clarify recent reports regarding Actor Vishal's health. During his appearance as Chief Guest at an event organized by the transgender community, #Vishal experienced a brief episode of fatigue and fainted. It was later confirmed that he had skipped his regular meal that afternoon, having only consumed juice, which likely led to a drop in energy levels. He was immediately taken to a nearby hospital, where doctors conducted a thorough check-up," the statement read. The actor's team clarified that he was out of danger and in good health. "Fortunately, there is no cause for concern. The medical team has confirmed that Vishal is in good health and has advised him to maintain regular meal timings going forward. He is currently doing well and recovering with rest," the statement concluded with gratitude for fans and well-wishers. This is not the first time that fans have expressed concern for Vishal's health in the recent past. In January this year, the actor was spotted at an event looking fatigued. Videos appeared to show his hands trembling as he spoke on stage. At that time, his team had dismissed talks of any illness saying the actor was just tired. Vishal entered Tamil cinema as an assistant director before making his mark with films like Sandakozhi, Thimiru, Thaamirabharani and Malaikottai. He has since established his own production house. He was last seen in Madha Gaja Raja, a much-delayed film that was shot in 2012 but released only in January 2025.
