Overview
- The court said the case cannot be treated as a mere contractual dispute, pointing to alleged siphoning, diversion of funds, intermediary accounts, and inflated or fictitious invoices.
- It allowed the police probe to proceed, with records describing the investigation as at a crucial stage examining financial trails, vendor payments, and linked roles.
- Udaipur businessman Dr Ajay Murdia filed the complaint, alleging an initial ₹7 crore investment and further funding for four films valued up to about ₹47 crore, with coverage also citing totals near ₹30–42 crore.
- Vikram Bhatt and his wife, Shwetambari, were arrested in December in Mumbai and remain in judicial custody after earlier denials of anticipatory and medical bail.
- State submissions referenced prior litigations and insolvency indicators and alleged tampering with witnesses and evidence in urging continued criminal proceedings.