Supreme Court affirms the sale of Four Frames

GV Films Limited had filed an appeal against the Income Tax Department and Mr. and Mrs. Lissy Priyadarshan at the Supreme Court about Priyadarshan’s control of the one-time “good luck theatre”, presently known as “Four Frames” located at Nungambakkam. The property originally belonged to M/s Sujata Films Private Limited. This was purchased by Mr. S. Priyadarshan and his wife Mrs. Lissy, through a public auction conducted by the Income Tax Department for recovery the Income Tax dues of M/s Sujata Films Private Limited. Sujata Films Private Limited was owned by Late Mr. G.Venkateshwaran and his wife Mrs. Sujata. Justice S.H. Kapadia and Justice Aftab Alam of the Supreme Court of India have confirmed the sale of the Prestigious Theatre in favour of Mr. and Mrs. Lissy Priyadarshan.
The Supreme Court declared the Judgment of the High Court, Madras confirming the sale of the theatre. It was found by the Court that there was a clear case of collusion between GV Films Limited and Sujata Films Limited to deprive the Income Tax Department of tax arrears amounting to more than 19 crores and also to prevent Mr. and Mrs. Lissy Priyadarshan from taking possession of the property. The Courts had also found that M/s GV Films has been set up by M/s Sujata Films Private Limited to wage a proxy war against the Income Tax Department and Mr. and Mrs. Lissy Priydarshan.