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Updated: Investor serves legal notice to Rajshri Media for non-payment of loan

Update: We've received the following statement from Rajjat Barjatya, MD and CEO of Rajshri Entertainment: "The notice has been received by our group company Rajshri Media and not by Rajshri Entertainment. The allegations are factually incorrect, malicious and deceitful. Our legal team is in the process of sending them an appropriate response for their baseless allegations, which will hopefully set the matter to rest." Earlier: Emergic Venture Capital, an investor in Rajshri Media, has reportedly sent a legal notice for winding up the company for alleged non-payment of a loan, reports Mumbai Mirror. Apparently, EVC had loaned Rs 5.7 crore to Rajshri Media between May 2007 and May 2010, which was supposed to be paid back within 3 years with 6% annual interest. The outstanding loan amount, it seems, currently stands at Rs 9 crore of which Rajshri has only paid Rs 30 lakh till date, and has failed to reply to mails sent by EVC in November and December 2014. The legal notice also alleges that while Rajshri has failed to pay EVC, it has continued to make payments to Rajshri's associate companies like Rajshri Films Pvt Ltd, Rajshri Productions Private Limited and Sargam Pictures Pvt Ltd. Note that EVC holds a 50% stake in Rajshri Entertainment, which it acquired for Rs 5 crore. We've written to Rajshri Entertainment CEO & managing director Rajjat Barjatya, and will update once we hear back. Barjatya told Mumbai Mirror that the allegations are baseless and that their lawyers are currently studying the notice. Emergic Venture…

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