Verma claimed that only he can do justice to Lee's biopic as he knows "tremendously more about Bruce Lee than his daughter Shannon Lee, his wife Linda Lee and Shekhar Kapur".
"Just because of my devotional worship of Bruce Lee I am going to make his biopic and release it (at the) same time as Shekar Kapur's authorised one," he wrote.
"Inspite of closeness of family and brilliance of @shekharkapur I believe only I can do justice to do his biopic."
Meanwhile, "Little Dragon" is backed by Chinese investors and will explore the formative years and adventures of the martial arts legend in 1950s Hong Kong.
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Veteran Hollywood casting director Mary Vernieu is currently leading a worldwide search for the actor to play the charismatic teenage, Lee.
The film will be co-scripted and produced by Lee's daughter, who runs Bruce Lee Entertainment, a division of the Bruce Lee Family Company, which is dedicated to promoting and protecting Lee's legacy and ideas.
"It is important that audiences today can relate their own lives to the journey of Bruce Lee, who manages to tap into his inner wisdom and harness his true destiny before it's too late.