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Posts tagged shree ashtavinayak cine vision
Shareholders accuse Shree Ashtavinayak Cine Vision of fraud
05 months ago
by Fenil Seta
in Bollywood News
Ashtavinayak MD Dhirin Mehta and petitioner Tejpal Shah
Petitioners tell Company Law Board that Ashtavinayak management siphoned crores to foreign subsidiaries and dumped stock before share price sank from Rs 459 to Rs 2.83; company relatiates with criminal case, accusing petitioners of forgery, conspiracy and defamation
Ketan Ranga (MUMBAI MIRROR; December 1, 2012)
Shree Ashtavinayak Cine Vision, one of Bollywood’s largest production and distribution firms, and a number of its shareholders have been fighting a an ugly battle in the Company Law Board and criminal courts since September.
The shareholders, a number of which are brokerage houses, allege financial mismanagement by the company. Ashtavinayak in return has filed a criminal case against some of the petitioners, alleging that many of the 154 signatures on the petition are dubious.
The Malad police have booked these shareholders for criminal conspiracy, forgery, cheating and more. The Company Law Board has scheduled the next hearing for December 3.
Shareholders’ petition
In September, the 154 shareholders, led by Rita Shah, a share trader from Vile Parle, filed a petition in the Company Law Board against Ashtavinayak. They alleged that Ashtavinayak’s management transferred huge cash reserves to its Dubai-based subsidiary, leaving the production company with almost Rs 300 crore of debt.
The shareholders claimed that in doing so the company had hurt investors’ interests, citing the company’s share price, which More >
Sanjay Dutt’s Sher is now in court custody
17 months ago
by Fenil Seta
in Bollywood News
Prints and negatives will be with the Court Receiver until distributor Raju Shah’s dues of Rs 36 cr are paid
Vickey Lalwani (MUMBAI MIRROR; September 22, 2012)
Shree Ashtavinayak Cine Vision finds itself in a fresh legal wrangle with respect to its latest film Sher starring Sanjay Dutt and Vivek Oberoi.
As of Tuesday, September 18, the Shree Ashtavinayak Cine Vision finds itself in a fresh legal wrangle with respect to its latest film Sher starring Sanjay Dutt and Vivek Oberoi has appointed a Court Receiver, who will take charge of all of the film’s prints and negatives, keeping them in his custody until such time as the execution of distributor Raju Shah’s pending amount of Rs 36 crore.
FIR against producers of Sanjay Dutt film
This newspaper had reported how Shah had moved court against Ashtavinayak, alleging it owes him monies to the tune of Rs 36 crore. What’s more, Shah had claimed Ashtavinayak gave him postdated cheques totalling Rs 36 crore, of which cheques worth Rs 8 crore bounced.
Shah, who had worked with Ashtavinayak on films like Blue, Khatta Meetha and Rockstar, had fallen out with the production house during the making of Rockstar. And yet, he had gone ahead with Ashtavinayak’s Bol Bachchan simply because he thought things might improve. “Of the Rs 41 crore Ashtavinayak owed us, it returned Rs 5 crore during Rockstar but we went mad trying to recover the remaining Rs 36 crore, with cheques bouncing left, right and centre,” Shah had said at the time.
The More >
Bol Bachchan’s crew still unpaid
09 months ago
by Fenil Seta
in Bollywood News
The workers who constructed the sets for the film have still not received wages amounting to over Rs 24 lakh
Vickey Lalwani (MUMBAI MIRROR; August 1, 2012)
Ashtavinayak’s cup of woes seems to be brimming over. This newspaper had told you about financer Raju Shah taking the production major to court over bounced cheques worth Rs 8 crore and dues worth Rs 36 crore. We had also told you about Eros International filing a winding-up petition against Shree Ashtavinayak Cine Vision in the Bombay High Court. For the uninitiated, a winding-up petition cites financial crisis in a company as a reason for it to be shut down.
And now, Ashtavinayak has issued cheques that have bounced, not once but twice (Mirror has copies), making the crew members of Bol Bachchan who constructed the film’s sets the latest victims of the production house’s callousness.
First, it was an Axis Bank cheque dated June 30 for an amount of Rs 24,55,654 favouring the Allied Mazdoor Union that stood dishonoured. Next, it was a Yes Bank cheque dated July 15 for the same amount and favouring the same union that bounced. Prem Singh Thakur, Vice Chairman of the Allied Mazdoor Union, in whose name the cheques were issued, told Mirror, “This money was meant for those who worked on the sets of Bol Bachchan. What to do? The payment due to them amounts to Rs 24,55,654. Sar mein dard ho gaya Ashtavinayak ko samjhate samjhate. But we don’t get convincing answers from them.”
“This is a really sad story. Bol Bachchan is More >
Eros moves HC to wind up Ashtavinayak
010 months ago
by Fenil Seta
in Bollywood News
The dispute between the two entertainment companies took a turn for the worse
Vickey Lalwani (MUMBAI MIRROR; July 6, 2012)
It is raining trouble for Shree Ashtavinayak Cine Vision ever since reports of cheque bouncing and legal wrangles came to the fore. On June 25, we told you about film financer Raju Shah moving court against Ashtavinayak over dues worth Rs 36 crore and dishonoured cheques worth Rs 8 crore. Not just Shah, even Eros International had filed a legal suit against the production house over dues amounting to Rs 8 crore.
The dispute has intensified. As Mirror can reveal, Eros International has filed a ‘winding up petition’ against Ashtavinayak in the Bombay High Court as on June 21. A winding up petition cites financial crisis in a company as a reason for it be shut down.
This is how the court drama has played out so far.
In May 2011, Eros International issued a public notice in a trade magazine, claiming Ashtavinayak had breached the Memorandum of Agreement (MOA) signed between the two production houses for three Rohit Shetty films, including Bol Bachchan (starring Ajay Devgn and Abhishek Bachchan), Golmaal 4 (starring Ajay Devgn, Tusshar Kapoor, Arshad Warsi and Kareena Kapoor), and a yet untitled film starring Akshay Kumar.
Under the MOA, the copyrights of the said films vest jointly with both parties in a 50:50 ratio. Eros alleged that Ashtavinayak, in a breach of the MOA, tried to create third-party rights of the satellite rights of the three films by More >
Court raps Bol Bachchan producers for dud cheques
010 months ago
by Fenil Seta
in Bollywood News
Ashtavinayak barred from selling shares of its subsidiary companies; to disclose details of deals signed for the film
Vickey Lalwani (MUMBAI MIRROR; June 30, 2012)
One of the leading production houses in Bollywood is in serious legal and financial muddle. Shree Ashtavinayak Cine Vision, the producers of money churners such as Jab We Met and the Golmaal franchise were dragged to court by financer Raju Shah after they failed to clear his dues of Rs 41 crore and several cheques were dishonoured. On Friday the Bombay High Court pronounced the company a ‘defaulter,’ and directed Ashtavinayak to disclose all its agreements signed for Bol Bachchan. According to the court order (copy with this newspaper), Shah is also entitled to Ashtavinayak’s earnings from Bol Bachchan and its various rights, since their cheques to him have bounced. Besides, the company has been barred from selling its shares of five subsidiary companies, till Shah’s dues are cleared.
If that was not enough, Shah is now moving court that Ashtavinayak’s other assets including properties and film copyrights should be attached.
Mirror (June 25) broke the story of how the Bol Bachchan imbroglio (we have a copy of the letter from Ashtavinayak to Shah saying all dues would be cleared before Bol Bachchan releases) had landed the company in legal and financial muddle.
Confirming the developments, advocate Rajeev Narula who argued on behalf of Shah told Mirror, “Bombay High Court has passed the order, it is dated June More >
Double trouble for Bol Bachchan
010 months ago
by Fenil Seta
in Bollywood News
Financier Raju Shah and the film’s producers lock horns over dues worth Rs 36 crore and dishonoured cheques worth Rs 8 crore
Vickey Lalwani (MUMBAI MIRROR; June 25, 2012)
Close on the heels of Nagpur-based builder Appu Wadhwani filing a case against the makers of Bol Bachchan, the Ajay Devgn-Abhishek Bachchan starrer is headed for even more trouble.
Film financier Raju Shah is moving court today against Shree Ashtavinayak Cine Vision, alleging they owe him monies to the tune of Rs 36 crore.
And that’s not all. Apparently, Ashtavinayak gave Shah post-dated cheques amounting to Rs 36 crore, of which cheques worth Rs 8 crore have bounced.
Shah, who has worked with Ashtavinayak on Blue, Khatta Meetha and Rockstar, told Mirror, “Ashtavinayak owes me Rs 36 crore and gave me post-dated cheques to that effect. I was supposed to deposit Rs 17 crore till June 30. Accordingly, I deposited Rs 8 crore but was told by the bank on Friday that the cheques have been dishonoured.”
Shah had a fallout with Ashtavinayak during Rockstar, but never made it public, till now. “We went ahead with Bol Bachchan simply because we thought things would improve. Of the Rs 41 crore they owe us, they returned Rs 5 crore during Rockstar but we are going mad trying to recover the remaining Rs 36 crore,” said Shah.
A friend of Shah revealed they were also supposed to produce Bhagam Bhag, Abhishek-Aishwarya starrer Ladies and Gentleman and Kunal Kohli’s Saif Ali Khan-starrer with Ashtavinayak but none of More >
Why did Rajkumar Santoshi’s train get derailed?
01 year ago
by Fenil Seta
in Bollywood News
With debts running into crores of rupees and five non-starter projects in his kitty, how did the hitmaker who gave us films like Ghayal and Damini suddenly turn into an industry pariah
Vickey Lalwani (MUMBAI MIRROR; May 15, 2012)
The man who gave us hits like Ghayal, Damini and more recently Ajab Prem Ki Ghazab Kahani has suddenly become a pariah of sorts in the industry, what with debts running into crores of rupees. One wonders what went wrong? Rajkumar Santoshi has announced five films in less than three years. Firoz Nadiadwala’s Power starring Amitabh Bachchan, Sanjay Dutt, Ajay Devgn and Anil Kapoor. Ramayan starring Ajay Devgn and Kajol, Ashtavinayak’s Ladies and Gentleman, a film starring Abhay Deol-Sonam Kapoor, and a film for Vashu Bhagnani. However, till date, none of these films have gone on floors save for Power which too got shelved after eight days of shooting. Has Santoshi lost his midas touch? The director has allegedly taken big signing amounts from several producers and not only been unable to put the projects on the runway but also not returned the monies. A source from Ashtavinayak told Mirror Santoshi owes them nearly Rs 4 crore but has been ignoring their calls and messages. “We were supposed to make Ladies and Gentlemen but the film did not happen for some reason and we shelved it. Santoshi should return the signing amount we gave him.”
In fact, basis conversations Mirror has had with producers Santoshi has signed deals with, he owes them as much as More >
Why Nadiadwala cant sign Nargis…
02 years ago
by Fenil Seta
in Bollywood News
Nargis is tied to Ashtavinayak with a three-film deal. So even though he is pushing Sajid Nadiadwala to sign her for his next, it’s not happening…
Sonal Chawla (MUMBAI MIRROR; March 14, 2011)
Although Ranbir Kapoor must be promoting his ‘good friend’ Nargis Fakhri and called producer Sajid Nadiadwala to cast her in his next Heer Ranjha, little does he know that the young lass is under a 3-film deal with Ashtavinayak.
Ashtavinayak, which is launching Nargis opposite Ranbir Kapoor in Imtiaz Ali’s Rockstar, has signed an exclusive contract with her. Nadiadwala who is keen to cast Nargis, has also had a word with Ashtavinayak.
A source said, “Nargis has already generated a lot of buzz in the industry. One reason might be her mixed-race looks, the other could be her link-up with Ranbir Kapoor.
After Ranbir’s recommendation, Nadiadwala also had a word with Ashtavinayak, but one doesn’t know if Ashtavinayak will bend and mend ways for Nargis to work outside their banner till the deal is over.
Heer Ranjha director Sabir Khan was also blown away when he saw Nargis’s pictures and finds her suitable for the female lead in his movie.”
Nargis Fakhri Sajid Nadiadwala Ranbir KapoorThe source continues, “Ashtavinyak had realised the young girl’s potential the very minute they signed her onboard.
Being launched in Imtiaz Ali’s flick, Nargis has already been given instructions not to have photo shoots or be out in the media.
A lot of producers and More >
Sanjay dutt to remake Mujhe Jeene Do
02 years ago
by Fenil Seta
in Bollywood News
But the actor insists he is too old to play the protagonist and is keen on casting Ranbir Kapoor instead
Kunal M Shah (MUMBAI MIRROR; February 12, 2011)
This year will mark new beginnings in Sanjay Dutt’s career.
Apart from his first home production Rascals, the actor will also remake the 1982 classic Satte Pe Satta in collaboration with Shree Ashtavinayak Cine Vision. But through the years, Sanju has harboured a special dream, that of remaking Mujhe Jeene Do (1963), which starred his father, the late Sunil Dutt. And only now has this dream become a more tangible one.
Unlike Satte Pe Satta, Dutt will not star in the Mujhe Jeene Do remake; he wants Ranbir Kapoor to play the lead role in it. Dutt is glad to be producing films now and says, “Thankfully for me, I have good partners in my first film, Rascals Sanjay Ahluwalia and Vinay Choksey.
Similarly, I am making Satte Pe Satta with Soham Shah and Ashtavinayak. I am enjoying this process of being a producer and I will be making a lot more films in the near future. When I started my production house I wanted David (Dhawan) to make the first film, as I am very close to him.”
Significantly, out of the entire gamut of films his father acted in, Sanju wishes to remake Mujhe Jeene Do, a film in which his father played a dacoit.
But Sanju plans to modernise the remake. “The story will now be based in Mumbai and the protagonist will be more of a gangster than a dacoit.” Wonder if the role of the courtesan, More >