HC moved against K4 film producers

A financier has moved the Madras High Court against the producers of Tamil film "Konjam Koffee Konjam Kadhal", accusing them of failure to repay Rs 37 lakh availed from him for its production.
Petitioner Media Works Private Limited submitted that the producers Magic Media Works had availed Rs 37 lakhs financial assistance in July, 2012 for production of the film, starring Hirudayaraj and Aditi, on the promise that it would be repaid with interest within three months or before its release.
As a security, Magic Media Works had created first and paramount charge over all the territorial rights along with the satellite rights of the movie in favour of Magic Media works.

Though the Producers have returned Rs.10 lakhs during November 2012, there was no response to requests for the balance amount, following which the petitioner issued a legal notice in July last year claiming an amount of Rs 44,09,589, including interest.
As there was no response to the notice, the financier has moved the court for recovery of the dues.