Bank issues auction notice for properties owned by Vijayakant
D.Govardan@timesgroup.com
Chennai:22.06.2019
Indian Overseas Bank (IOB) on Friday stirred a hornet’s nest when it published a notice indicating its move to auction a couple of properties, including an engineering college belonging to DMDK president Vijayakant to recover its dues. The notice indicated that the actor owed the bank around ₹5.5 crore.
However, the move has surprised not only the political party but also the public at large, since for recovering ₹5.5 crore dues the bank has issued auction notice to sell three different properties with a combined minimum bid price of about ₹100 crore. While the earnest money deposit (EMD) itself for the three properties comes to about ₹10 crore, the bank has fixed July 26 as the day of the auction.
The properties listed include Andal Alagar Engineering College over 25 acres of prime land off GST Road beyond Chengalpet, a shopping-cumresidential complex as well as an empty plot.
“We had sought two months to settle the dues. However, the bank has chosen to issue the auction notice. We have time and we will deal with this legally,” Premalatha Vijayakant, the actor’s wife and the DMDK treasurer, told reporters.
“While the college has been functioning for 20 years, we had taken a loan for developing the college several years ago. We have been paying interest as well as parts of the loan. Of late, with more and more engineering colleges sprouting in the state and the issue of unemployment of engineering graduates on the minds of people, it has become it difficult to run engineering colleges. Around 300 such colleges are facing trouble,” she said.
According to her, the income generated from their college was not enough to even pay salaries to the staff. “We are managing the college with a motto to serve the people. While Captain (Vijayakant) is no longer able to act in films, the marriage hall, which was our major source of income, was demolished. We have no other source of income. We are confident of overcoming this trouble,” Premalatha said.
D.Govardan@timesgroup.com
Chennai:22.06.2019
Indian Overseas Bank (IOB) on Friday stirred a hornet’s nest when it published a notice indicating its move to auction a couple of properties, including an engineering college belonging to DMDK president Vijayakant to recover its dues. The notice indicated that the actor owed the bank around ₹5.5 crore.
However, the move has surprised not only the political party but also the public at large, since for recovering ₹5.5 crore dues the bank has issued auction notice to sell three different properties with a combined minimum bid price of about ₹100 crore. While the earnest money deposit (EMD) itself for the three properties comes to about ₹10 crore, the bank has fixed July 26 as the day of the auction.
The properties listed include Andal Alagar Engineering College over 25 acres of prime land off GST Road beyond Chengalpet, a shopping-cumresidential complex as well as an empty plot.
“We had sought two months to settle the dues. However, the bank has chosen to issue the auction notice. We have time and we will deal with this legally,” Premalatha Vijayakant, the actor’s wife and the DMDK treasurer, told reporters.
“While the college has been functioning for 20 years, we had taken a loan for developing the college several years ago. We have been paying interest as well as parts of the loan. Of late, with more and more engineering colleges sprouting in the state and the issue of unemployment of engineering graduates on the minds of people, it has become it difficult to run engineering colleges. Around 300 such colleges are facing trouble,” she said.
According to her, the income generated from their college was not enough to even pay salaries to the staff. “We are managing the college with a motto to serve the people. While Captain (Vijayakant) is no longer able to act in films, the marriage hall, which was our major source of income, was demolished. We have no other source of income. We are confident of overcoming this trouble,” Premalatha said.
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