AYNGARAN KARUNAMOORTHY QUITS LYCA PRODUCTIONS AND RESPONDS TO ALLEGATIONS RAISED!

They have also mentioned that "K Karunamoorthy had the control and administration of whole operations of Lyca Production House, from movie production to marketing, accounts to finance and Ms. Banu was in charge when he was out of town."

Lyca Productions have also mentioned in their complaint that "K Karunamoorthy cheated their money through 'backdoor dealings and financial misappropriation, over-invoiced bills, agreed to produce two films 'Vandha Raajavathan Varuven' and 'Indian-2' without their knowledge. They have also noted that he has given them a letter dated 7th August wherein 'he has committed to reimburse a sum of Rs. 13,51,10,800/- within 12 months, but was non-committal for the loss of money accounting to approximately 128.30 crores on account of overseas rights, money he lent to a construction company." They have also noted that he volunteered to leave the organization and that Lyca demands further probe into the matter in accordance with their doubts and to recover their money.

In response to Lyca's complaint, Ayngaran International has released a press note. K Karunamoorthy has mentioned that "In order to help Lyca Productions, he had stopped his own works in Ayngaran International, and worked for Lyca Productions in their office, and whatever financial dealing happened, it cannot be done with his signature, and that he does not have any authority to issue any cheques and he questions the allegations on how he could have lent such huge amounts of money." Also, in response to the letter he has signed committing to approximately Rs 13 crores money, he had specified that, "It was forced by the authorities of Lyca Productions, and no longer able to bear with the insults, he had left the company when they tried to associate all their other payments with him." He also asked if the production of Indian 2 was unknown to the company, "How Subashkaran was present at the Pooja function of the movie."

He also cited that having more than 32 years experience, he did not need to cheat anyone and that Ayngaran International has produced 14 films directly, 24 films were released on first copy basis, audio rights of over 500 films were obtained and that over 2000 films overseas rights were handled. Regarding his hotel stay and business class flight trips, he declared that he had always done the same. Also, all these allegations were brought up to disgrace his name, and he also quoted that he will face them legally.