Chennai : The Export-Import Bank of India has attached a vast piece of land belonging to Tamil film superstar Rajinikanth’s wife Latha Rajinikanth after a firm for which she stood guarantor defaulted in repaying a huge loan.
In a public notification, the Exim Bank said Latha had stood guarantor for a loan of over Rs 22.21 crore obtained by Mediaone Global Entertainment Limited. The repayment of the loan was due in July this year. Since the borrowing company defaulted in repaying the money within the stipulated time, the Exim Bank attached the land owned by Latha near Chennai and took possession of it.
Mediaone Global Entertainment Limited had produced Rajinikanth’s animation movie Kochadaiyan directed by the actor’s daughter Soundarya. The film bombed at the box office. Recently another financier had dragged Mediaone to court following which Latha moved a civil court and obtained a gag order against 76 media publications in the country from publishing anything on the matter.
Reacting to the Exim Bank notification, Mediaone issued a press release on Friday evening stating that it was in discussions with the bank to settle the matter.
“Mediaone Global Entertainment Limited is a public company, in the business of production, distribution and exhibition for the last 10 years. Mediaone has borrowed Rs 20 crore from Exim Bank and has its own capacity and business to repay the loan. In fact, the company is in the process of clearing the loan on or before March 31, 2015 and had various discussions with officials of Exim Bank in December to settle the matter,” the release said.
The company cried foul saying the act of Exim Bank to call upon the guarantors Latha Rajinikanth and Devender C R to repay the loan when the principal borrower is making arrangements to repay is not warranted. The release, strangely, urged the media not to publish any reports involving Latha in this regard “as it is a matter between the corporate company who is the borrower and the bank who is the lender, particularly when the loan is in the process of settlement.”
