Bank takes possession of Rajinikanth's land as loans were not repaid
The Export-Import Bank of India (Exim Bank) Friday announced that it has taken possession of property pledged with it ...
The Exim Bank had financed listed company Mediaone Global Entertainment, a movie production and distribution company which produced animation movie "Kochadaiyaan" directed by Soundarya Rajnikanth, daughter of Latha and Rajnikanth.
Latha Rajnikanth was the guarantor for a loan and falls under the term borrower under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, the bank said in its advertisement in a daily.
According to Exim Bank, she failed to repay the amount due within the stipulated period on being called upon to pay, and the bank has taken possession of the land measuring around two acres in Kanchipuram district provided as security for the loan.
The Exim Bank has also cautioned Latha Rajnikanth and the general public against dealing with the property.
Meanwhile in a statement issued here Mediaone Global said the company is in the process of clearing the loan on or before March 31, 2015.