The release of Akshay Kumar starer '8X10' can be halted, as the producer Precept Picture has failed to pay the agreed amount of Rs 6...
The release of Akshay Kumar starer '8X10' can be halted, as the producer Precept Picture has failed to pay the agreed amount of Rs 6.67 crore to T-SERIES. The two companies were earlier partners in the project, until the latter withdrew in March.IN A recent revelation, it has been learnt that Percept Picture, the maker of Akshay Kumar's next flick 8X10' Tasveer, defaults on payment of Rs 6.67 crores to T-Series, which can delay the release of the film.
Super Cassettes Industries Limited (T-SERIES) and Percept Picture Limited had entered into a Co-Production Agreement on August 28, 2008, wherein they were to jointly produce the film 'Tasveer', now renamed to '8X10'. Not only T-Series was joint owner of the film but all music rights was to be exploited by T-SERIES only.
However, on March 4, 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 per cent 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 recently.
And now, due to failure on part of the Percept Picture to honour the second installment, since their cheque was dishonoured by the company's 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 and 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)
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