Kochadaiyaan producers in financial tangle

EXIM bank issues notice to Latha Rajinikanth

Whether a virtual-Rajnikanth’s motion-captured movie Kochadaiyaan made the cut or not, it sure has spelt financial trouble for its producers.

On Friday, EXIM bank issued a notice to the superstar’s wife, Latha Rajinikanth, who stood guarantor for the funds given to Mediaone Global Entertainment Ltd, the co-producers of the film. She was called to repay over Rs. 22.21 crore that was due to the bank in July 2014.

The bank said it had taken possession of a property in Kancheepuram district.

Defending Ms. Lata Rajinikanth, Director of Mediaone Global Entertainment Ltd J. Murali Manohar told The Hindu, “We have been negotiating with the banks beginning December. We will pay the amount before March 31.” “We have enough stock to match our liabilities. There are some payments that we will be getting over the next few weeks. Once we get it, we will settle the dues. We are a listed company and we will be transparent in whatever we do,” he added.

The firm had also borrowed around Rs 18 crore from Oriental Bank of Commerce. “We have settled that amount,” Mr. Manohar added.

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