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| Film producer Muzaffar Ali to pay Rupees 70 lakh to PNB in Kashmir | | | EARLY TIMES REPORT
Srinagar, Aug 24 : Film producer Muzaffar Ali has defaulted on paying Rupees 70 lakh withdrawn from the Punjab National Bank (PNB) in the 80s for making a film.
According to official reports available here, Mr Ali, proprietor of M/S Integrated Films, wanted to produce a documentary film on legendary poetess of Kashmir Habba Khatoon.For the finance, Mr Ali approached New Bank of India (now PNB).
However, the bank asked him to submit the details of his assets for securing the loan and also arrange a guarantor.The records showed that Mr Ali approached the then state government for the requisite guarantee and because he had historical, cultural and tourism significance for the state, the government agreed to stand guarantor for the project.
Accordingly a tripartite agreement was executed for the film project on October 28, 1988 between the Jammu and Kashmir government as guarantor, M/S Integrated Films and the PNB.
Subsequently, a deed of guarantee was issued by the state government for an amount of Rs 50 lakh. An additional guarantee of Rs 20 lakh was extended by the state government on December 8, 1989, it said adding thus the state government stood guarantor for an amount of Rs 70 lakh in aggregate for the loan raised by the film producer for the film.
However, the film could not be completed because of the onset of militancy problem in the state nor was the loan repaid to the bank by the filmmaker.
The bank has now filed a suit against Mr Ali and the state government and the matter was subjudice in the court.
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