Comedy Store director Ronal Ward has moved the court, seeking directions to the EoW to register a First Information Report (FIR) against their Indian partner Horseshoe Entertainment and Hospitality Private Limited and its directors Uma Agarwal, Amar Agarwal and Kamal Pandey.
London's famous Comedy Store, a company promoting standup comedy, which had entered into a joint venture (JV) with an Indian company to start their first International venture of standup comedy theatres in Mumbai, has approached the Bombay High Court, seeking directions to the Economic Offences Wing (EoW) to probe allegations of illegal siphoning off Rs13 crore by their partner.
Comedy Store director Ronal Ward has moved the court, seeking directions to the EoW to register a First Information Report (FIR) against their Indian partner Horseshoe Entertainment and Hospitality Private Limited and its directors Uma Agarwal, Amar Agarwal and Kamal Pandey. A division bench of justices Naresh Patil and Prakash Naik on Tuesday directed the senior police inspector of EoW to personally remain present in court on Wednesday and give his say on the plea.
Advocate Girish Kulkarni, through whom the company has moved the court, has stated in its petition that in 2007, the directors of Horseshoe Entertainment visited London and had meetings/discussions with the petitioners in order to understand the concept of Comedy Store and set up centres in India. During these discussions, both parties agreed to enter into an agreement and start theatres in India. It was estimated that Indian Theatres would make Rs3 core per month.
In 2008, they entered into a JV agreement to set up standup comedy theatres in India. As per the terms, construction of theatres, obtaining licences and other statutory and regulatory compliances were to be looked after by the Agarwals. Comedy Store was to provide 50 per cent equity capital and lend its trademark.
In the years 2008 to 2010, Comedy Store transferred amounts to the Agarwals and their company towards capital contribution. However, over a period, the London-based company got suspicious about the abilities of its Indian partner and sought explanation on the money used. It was in 2012 that the alleged accused provided a breakup of the expenditure. Then it was found that money invested by Comedy Store was used in cash without expense documents/proofs and that the amount was spent on things illegal in law.
In 2012, Comedy Store approached the EOW, seeking investigations into the irregularities committed by their JV partner, and a preliminary inquiry was ordered. Since no further probe was done, supplementary complaints were filed. Since September 2013 to date, EoW has not taken further steps in the probe despite being given all evidence, the petition states, adding that Comedy Store has approached the court for seeking relief.
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