India's Sun Pictures COO Hansraj Saxena Arrested for Breach of Trust

The complaint centers on a claim over Tamil film 'Theeratha Vilayattu Pillai.'

NEW DELHI -- South India-based Sun Pictures COO Hansraj Saxena was arrested in a case of criminal breach of trust and cheating filed by a film  producer. Following up a failed business transaction that reportedly dates back over two years, T K Selvaraj complained that Saxena didn't pay him 8.25 million rupees ($185,000) for the distribution rights to Tamil movie  Theeratha Vilayattu Pillai.

Saxena – who denied the charges - has been sent to 15 days judicial custody until the case comes to trial following his arrest Sunday in the south Indian city of Chennai.

Sun Network is owned by Kalanidhi Maran who comes from a powerful political family which include a former chief minister of the southern state of Tamil Nadu. Saxena, 45, is considered a close aide of Maran and headed the recently established Sun Pictures to supplement the group's successful TV network, a dominant player in the south Indian market running 20 channels and various FM radio stations.

Following news of the arrest, Sun TV shares fell by 3% Monday on the Bombay Stock Exchange.

Sun TV also issued a statement Monday stating that it doesn't owe any money to Selvaraj or his company Kandhan Films. “All accounts have been settled,” Sun TV Network VP finance K. Kumar said adding that the company was looking into the case and “as soon as we have the details, we will react.”