To continue operations of Whistling Woods: Mukta Arts
Mukta Arts Ltd today said it will continue operations of Whistling Woods Institute although it may have to shift the campus after the Supreme Court recently upheld an order of the Bombay High Court quashing land allotted to the film school.
In a filing to the BSE Mukta Arts said it is required to comply with the High Court order which involves cancellation of a JV agreement (between Whistling Woods International Ltd and Film City) and surrender major part of the land immediately and the balance land in 2014. Last week the Supreme Court had upheld the Bombay High Court order quashing the 20 acre land allotted to film producer Subhash Ghai for the institute.
"The management has also decided that Whistling Woods Institute will continue as a world class institute even if its campus may need to shift post July 2014," the filing said. It, however, said Whistling Woods International Ltd (WWIL) that operates a film institute in Mumbai is entitled for compensation towards the structure built by it on the land.
The company said in the meantime it is consulting its lawyers and other officials to sort out the issues. Mukta Arts' scrips closed at Rs 29.20 per share, down 2.50 per cent from the previous close on the BSE. PTI