Phantom Returns Rs 10 Crore To Fox For Bombay Velvet Debacle
Here's the latest update from the world of Bollywood. We bet you wouldn't want to miss this. Read on for details... The film continues to make headlines but for wrong reasons
It's been almost two months since Bombay Velvet released and the film still continues to be in the news, sadly for all the wrong reasons. Bombay Velvet was produced by Phantom Films and distributed by Fox Star Studios. Phantom sold the film to Fox for a crazy Rs 92 crore. However, the film failed miserably and was not only a big shame for Phantom but Fox too could not save face.
But Fox is not letting things go so easily. They've made sure that they are compensated for the losses however small the compensation amount may be.
Fox asked Phantom to return them Rs 10 crore - and Phantom had to comply.
Their reasoning is that Bombay Velvet's original release date was November 28, 2014, however, Phantom was not yet ready with the film and hence the date had to be pushed to May 15, 2015. Now, the November 28 date was perfect since it was a holiday weekend and Fox believes that they could have made much more money that way. The May 15 release date did not work in their favour at all.
All said and done, trouble for the Phantom boys- Anurag Kashyap, Vikas Bahl, Madhu Mantena and Vikramaditya Motwane- continues.
But Fox is not letting things go so easily. They've made sure that they are compensated for the losses however small the compensation amount may be.
Fox asked Phantom to return them Rs 10 crore - and Phantom had to comply.
Their reasoning is that Bombay Velvet's original release date was November 28, 2014, however, Phantom was not yet ready with the film and hence the date had to be pushed to May 15, 2015. Now, the November 28 date was perfect since it was a holiday weekend and Fox believes that they could have made much more money that way. The May 15 release date did not work in their favour at all.
All said and done, trouble for the Phantom boys- Anurag Kashyap, Vikas Bahl, Madhu Mantena and Vikramaditya Motwane- continues.
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