MUMBAI: Subhash Ghai’s Mukta Arts, which had bought a majority stake in Manish Goswami’s company Red Carpet Films, has now exited the company.

Mukta Arts had bought 50.01 per cent stake in Red Carpet Films in October 2007. The company has sold its entire stake back to the original promoter of Red Carpet Films.

Mukta Arts had acquired 25,047 equity shares of Rs 10 each of Red Carpet Films for a sum of Rs 250,470 (Rs 2.50 lakhs).

As was earlier reported by Businessofcinema.com, Red Carpet Films had signed four directors namely Shivam Nair, Sohail Tatari, Ajay Chandok and Marathi film actor and director Mahesh Kothare to make medium budget films under the banner. However, there hasn’t been any movement on that front till date.

Additionally, a month after Mukta acquired the stake in Red Carpet Films, the latter had inked a deal with Eros International to co-produce four movies, which however, did not see any movement.