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T-Sequence has been requested by Reliance to cough up Rs 397 crore. A public discover has been issued on this regard by the top of this week. The discover dated February 20, 2024, has been issued by Reliance Massive Leisure Pvt. Ltd. to Tremendous Cassettes Industries Ltd. (T-Sequence) and Hungama Digital Media Leisure Ltd. (Hungama), calling upon T-Sequence to dish out their requisite dues which quantity to the tune of Rs. 397,56,86, 013
It’s at all times stated that there aren’t any everlasting mates and enemies within the movie enterprise. In a wierd twist to the continuing declare by Phantom Studios towards T-Sequence, which has been occurring for the previous few years, it’s now seen that Reliance has additionally jumped onto the bandwagon. It could be recalled that the Shibasish Sarkar-led Reliance Leisure was lately partnering with T-Sequence on a slate of movies.
It’s at all times stated that there aren’t any everlasting mates and enemies within the movie enterprise. In a wierd twist to the continuing declare by Phantom Studios towards T-Sequence, which has been occurring for the previous few years, it’s now seen that Reliance has additionally spearheaded this declare by issuing a termination discover to T-Sequence and claiming Rs. 397 crores as previous dues. The Shibasish Sarkar lead Reliance Leisure was until lately partnering with T-Sequence on a slate of movies.
Sources near Reliance stated, “We had constructed our enterprise in deep relationships and blind belief. Then throughout and publish the settlement with Phantom Studios, they identified that there was a considerable amount of revenue share due from T-Sequence, which was being suppressed by T-Sequence. It’s evident from all the general public area info obtainable that they owe us almost Rs. 400 crores.”
Apparently, Reliance Ent has gone up in enchantment for a double bench listening to which has not been slated but.
Bhushan Kumar, when contacted, stated he’s in the precise and has a Excessive Court docket order supporting his stance. Based on Bhushan Kumar, he was being requested to cough up extra royalty which is unfair.
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