Criminal complaint filed against producers of film ’83’ in Mumbai court

A UAE-based financier company has approached a Mumbai court seeking judicial interference against Vibri Media, the producers of the soon-to-be-released Bollywood film ’83’, alleging conspiracy and cheating..As per the plea, the representatives of the complainant, Future Resources FZE, had met with Vibri Media as the latter was looking out for big investments.In the complaint, it was stated that Vibri fraudulently made bogus, exaggerated claims and submitted false profit-and-loss projections to induce FZE to to invest an amount of ₹15.9 crore with Vibri.Based on the representations and warranties, FZE executed two agreements, Securities Subscription Agreement (SSA) and Shareholders Agreement (SHA), with Vibri and became a shareholder.As per the agreements, Vibri was bound to inform FZE about any third party transaction and obtain positive consent from it before executing any agreement. .Despite such a clause, FZE alleged that Vibri wilfully breached the terms and conditions of with an intention to cheat FZE, siphon off funds and cause FZE wrongful loss.Vibri allegedly entered into multiple agreements with Reliance Big Films, Phantom Films, Kabir Khan, Sajid Nadiadwala and Deepika Padukone, for production of the Hindi film ’83’ without obtaining positive written consent from FZE..It was also alleged that Vibri was duty-bound under the agreements to use the money belonging to FZE for business purposes of the company and not for personal use of its directors.However, Vishnu Indhuri, director of Vibri, had been arraigned as producer of the film in his personal capacity, while the documents pertaining to the film were executed with Vibri, the company..The complaint filed by advocate Rizwan Siddiquee stated that all the arraigned accused were aware that the presence of the company’s representatives was necessary for conducting the business of Vibri, including passing board resolutions.The grievance was against the failure of Vibri to intimate FZE about the board meetings concerning the film and execution of related documents making it evident that the accused “engineered a plan to jointly and severally cheat and delude FZE since the very inception”..To demand an explanation on this aspect, FZE had addressed a legal notice to Vibri seeking inspection of the documents which FZE alleged were wilfully concealed from them.On the above grounds, FZE has moved the Metropolitan Magistrate at Andheri in Mumbai for the issuance of process against all the arraigned accused for allegedly committing offences under Sections 405, 406 (criminal breach of trust), 415, 418, 420 (cheating) and 120B (criminal conspiracy) of the Indian Penal Code.