K Balachander's properties to go under the hammer; production company says negotiations with bank are on
Late master filmmaker K Balachander's office and two Mylapore houses are going under the hammer. His production house says talks with the bank are still on
Late master filmmaker K Balachander's office and two Mylapore houses are going under the hammer. UCO bank has put up the office of Kavithalaya Productions and two houses on auction due to an unpaid loan of Rs 1.36 crore, reports Times of India.
The two flats are situated on the second floor of a complex on Desika Road, Mylapore are reportedly being sold at 87 lakh and 119 lakh each. The report also claims that the smaller house under the name of the director's daughter Pushpa Kandaswamy, while the bigger property is registered under Rajam Balachander, his wife.
However, according to a report by The Hindu, a representative of the company says that negotiations are on with the bank. “KB’s house and office have not been pledged. Like any other business, our production house too took a loan. A substantial amount has been repaid and a process of negotiation for a one-time settlement is under way for the rest,” the spokesperson told the publication.
Although Kavithalaya Productions delivered numerous hits when Balachander was alive, it did not produce any films after his demise in 2014. The production house has big-ticket films like Naan Mahaan, Sindu Bhairavi and Saamy to its credit. After backing several Rajinikanth and Kamal Haasan starring films, the production company landed in financial trouble. As a result, all its ongoing projects were shelved.
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