MHC appoints auditor to scrutinise bank transactions between Vishal-Lyca

CHENNAI: The Madras High Court appointed an auditor to scrutinise the bank transactions executed between actor Vishal Krishna and Lyca Productions.

Justice P T Asha appointed auditor Sri Krishna to scrutinize bank transactions and directed to submit the findings before the court. The judge also directed both parties to furnish the last three years' income tax returns and bank statements to the auditor.

The matter was posted on March 4 for further submissions. Vishal had taken a loan from Anbu Chezhian of Gopuram Films to the tune of Rs.21.29 crores when he remained unpaid the loan amount Lyca Productions stepped in and paid Anbu Chezhian on the promise that Vishal would repay the entire amount to Lyca with the interest at the rate of 30 percent per annum. However the amount remained unpaid, and Lyca had approached the High Court.

While hearing the petition the single Judge directed Vishal to make a fixed deposit of Rs.15 crore to the credit of the civil suit.

However, Vishal contended before the court that he did not have the requisite resources to deposit Rs. 15 crores. Pursuant to the court's order Vishal furnished hia bank details and assets.

Further, Vishal sought to appoint an auditor to scrutinise the bank transactions with Lyca Productions.