Big Blow to Actor Vishal: Repay Rs 21 Cr Loan to Lyca

In a major setback for Tamil actor Vishal, the Madras High Court has directed him to repay a Rs 21.29 crore loan to Lyca Productions, along with 30% interest and legal expenses.

Background of the Dispute:

Vishal had borrowed Rs 21.29 crore from financier G.N. Anbuchezhiyan of Gopuram Films to support his production house, Vishal Film Factory. Lyca Productions later took over the loan, entering into an agreement with Vishal that granted them the rights to all films produced by him until the debt was cleared.

However, Lyca accused Vishal of breaching the agreement by selling the rights of his film Veeramae Vaagai Soodum (titled Saamaanyudu in Telugu) to other distributors instead of Lyca Productions. As a result, the company approached the Madras High Court in 2022 seeking legal action.

Court Proceedings and Ruling:

Initially, the court asked Vishal to deposit Rs 15 crore and submit details of his assets. When he failed to comply, Lyca Productions filed a contempt petition. Following this, Vishal submitted documents related to three cars, a bike, two bank accounts, and a home loan.

After a prolonged legal battle of nearly two and a half years, the High Court ruled in favor of Lyca Productions. The court ordered Vishal to repay the original Rs 21.29 crore loan, along with 30% interest and associated legal costs.

This verdict comes as a significant legal and financial blow to Vishal, one of Tamil cinema’s prominent actors and producers.