UTV, one of the topline production houses in Bollywood, has denied a media report that it has paid Rs.710 million to actor Akshay Kumar for their next film.

"We would like to place on record and clarify a totally false and speculative article that appeared in today's Times of India edition on the front page.

The speculation about the amount stated in the article is totally untrue and is not even close to even 50 percent of the amount stated in the article," a press release from the production house stated.

A teaser of the article "New King? Akshay paid Rs.71 crore for a film" has appeared on the front page of the newspaper, followed by a full report on page 11.

The daily has quoted Ram Mirchandani, founder and COO UTV Rampage Motion Pictures, to confirm that their company had signed the "Singh Is Kinng" star.

However, the company sent out an official statement Wednesday denying the rumour "to clarify in the interest of our shareholders".

"We did issue a full denial and directed them (The Times of India) not to run the article," the release said.

Here's the complete text of the press statement:

"We would like to comment and place on record and clarify a totally false and speculative article that appeared in today's Times of India edition on the front page. Entitled 'Akshay paid Rs. 71 cr for a film?'

A) We do not comment on market speculation or motivated press comments to sensationalize things with untrue facts -- but still wish to clarify in the interest of our shareholders.

B) We did issue a full denial and directed them not to run the article.

C) We confirm that the speculation of the amount stated in the article is totally untrue and is not even close to even 50 per cent of the amount stated in the article.

D) We consider the article damaging to our company and our shareholders and damaging to the industry to project such unwarranted hype and consider this irresponsible journalism on a front page of a leading newspaper which people believe is credible when they read but is far from truth or facts.

We therefore consider it correct to issue this clarification."