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The announcement, made on Akshay's 57th birthday, follows his recent appearance in Khel Khel Mein, which released on August 15.
M T Vasudevan Nair's daughter Aswathy Nair conceived the project to honor the 90-year legacy of her father and celebrated writer.
Despite boasting some of the top names in the industry like Mohanlal and Santhosh Sivan, 'Olavum Theeravum' remains a black-and-white shadow of P.N. Menon's 1970 original starring Madhu.
Priyadarshan praised Naslen for his wonderful performance and emphasised the importance of nurturing young talent in the industry.
After his successful tryst with Malayalam films in his heyday, Priyadarshan shifted base to other industries, making a mark, especially in Bollywood, during the early 2000s.
Appatha' revolves around an elderly woman Kannamma known to her loved ones as Appatha, who runs a pickle business.
The Mumbai-based actor also believes Mollywood artists are more down-to-earth and simple.
The story centres around the theft of a young SI's service pistol, which sets off a series of murders in the city during the pandemic.
Priyadarshan said he found the allegations strange and even discussed the issue with Sathyan Anthikad.
The story is intriguing, with plenty of surprises in store for the audience.