Actor-producer Abhay Deol, who graced the Indian Film Academy (IIFA) Weekend and Awards here, says it's good to celebrate cinema but when there are excessive number of awards, one tends to lose credibility.

"I think to celebrate cinema is great but sometimes when there are too many then you tend to lose credibility and I don't think as an artist you can attend each and every award ceremony. I think as long as there is transparency and award function is pure in awarding an artist then it's fine.

"Sometimes a deserving person gets an award and sometimes a non-deserving person gets an award. Well, I could never attend awards and like I said there are some deserving people who get awards so here I am for IIFA," Abhay told reporters here.

The "Socha Na Tha" star, who was miffed with reports that claim he is under huge financial crisis after the debacle of his production venture "One By Two', says it's a complete lie.

"That was a complete lie and I was very upset they manipulated me by getting a quote from me they were like 'Oh, you taking a loan' and they put a story out there in a wrong way and said that I am broke and all. I was extremely disappointed ... It was a complete lie," he said.

The IIFA gala started here April 23, and it concluded April 26 night.