EOW Clearance to Avitel Post Studioz Ltd for Alleged HSBC Case
MUMBAI and DUBAI, September 5, 2013 /PRNewswire/ --
The Economic Offences Wing (EOW) has issued a clean chit to Avitel Post Studioz Ltd in a matter involving a criminal complaint filed by HSBC on 24th April, 2013. After detailed investigation that lasted over three months, the EOW concluded that the allegations raised by HSBC against the company were false.
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A company spokesperson said, "We are happy that the EOW has given us a clean chit. We will continue to focus on servicing our clients with the same rigor and commitment as we have displayed over the past 35 years."
The case is closed after the investigation team found no evidence to substantiate any allegation of forgery and fund diversion against Avitel. The EOW closure report categorically stated that Avitel had utilized the proceeds for purchase of machinery and business purposes to cater international expansion. It further clarifies that there was no siphoning of money as alleged by HSBC.
Background: HSBC Principal Investment, the private equity arm of the HSBC Group, invested $60 million for a minority equity interest in Avitel Post Studioz Ltd. in 2011.
HSBC has alleged that Mumbai-based Avitel Post-Studioz Ltd, with its sister companies in Dubai and Mauritius respectively, made a false representation that it had won a contract from the BBC (British Broadcasting Corporation) to upgrade the broadcaster's library from 2D to 3D format.
The police recently submitted a closure report in a Rs 330-crore alleged fraud case registered against Avitel Post Studioz, Juhu-based post-production company by the multinational bank.
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About Avitel Post Studioz Ltd.
Avitel Post Studioz Ltd. is one of the most advanced integrated digital post production facility in Mumbai which was formed in 1973.
It has a state of the art studio in Juhu, Mumbai which is one of the most technologically advanced post-production facility in the country. It started operating on a 'single window' system and gradually increased its offerings from special effects to a comprehensive service spectrum ranging from advanced VFX (visual effects), animation, digital film lab (digital intermediate, high resolution film scanning and film recording), telecine, editing and motion control to high definition (HD) production areas of feature films, advertising films & television broadcasting.
Avitel consists of a team of highly skilled Indian and foreign professionals comprising of DI colourists, offline & online editors, line producers, Visualizers, Art directors, Visual effect supervisors, Compositors and Animators.
The company also set up a division called Avitel Post Studioz FZ LLC in Dubai in 2004 for film restoration and Archiving lab. This division is among the three biggest such studios in the world that upgrades and digitally enhances and synchronizes such images for future generations.
Avitel has successful running relationships with Doodarshan, Films Division of India, Mukta Arts, Red Chillies Entertainment, Percept Picture Company, UTV, Tips etc.
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SOURCE Avitel Post Studioz
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