A finance company from the UAE has approached a Mumbai court asking for judicial intervention against one of the producers of 83 named Vibri Media. The charges against them are of cheating, conniving to siphon funds, and conspiracy.
A complainant’s representative by the name of Future Resources FZE, met Vibri Media as the latter was seeking big investors. As per the complaint it is being alleged that Vibri Media made some bogus and exaggerated claims and also furnished a false P&L projection to induce FZE for an investment of Rs. 15.90 crore.
On the basis of representations and warranties, FZE ended up signing two agreements with Vibri and hence became shareholders. As per the agreement, Vibri should have complied with giving information on any third-party transaction and also take consent in case of any agreement.
However, FZE alleges that Vibri Media willfully breached the terms and conditions of the contract to cheat them and also siphoned off funds leading to its loss. Vibri entered into multiple agreements with many producers for 83’s production without taking the consent of FZE.
To demand an explanation on this subject, FZE has sent a legal notice to Vibri seeking an inspection of documents, which according to them, were wilfully concealed during the process of the deal. On the above grounds, FZE has moved Metropolitan Magistrate at Andheri in Mumbai to begin the process under various sections in cheating and criminal conspiracy. Meanwhile, 83 looks promising and is scheduled to release on December 24.
