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Chennai: IOB to auction Captain Vijayakanth’s properties to recover Rs 5.5 crore loan

The properties will be sold by the bank to recover over Rs. 5.5 crore in debt that Vijayakanth and his wife owe to the bank.

Written by Shivani Ramakrishnan | Chennai |
Updated: June 22, 2019 10:50:16 am
DMDK founder Vijayakanth. (File) Three properties owned by DMDK founder Vijayakanth and his wife were put up for auction today by the Indian Overseas Bank, Mount Road Branch in Chennai. Express Photo

Three properties belonging to DMDK leader Captain Vijayakanth and his wife, Premalatha is set to be auctioned on July 26 by the Indian Overseas Bank (IOB). The move is in a bid to recover a debt worth Rs 5.5 crore from the couple.

In a release, the bank said that the properties will be sold on ‘as is where is’, ‘as is what is’ and ‘whatever there is’ basis for recovering an amount of over Rs. 5.5 crores that the actor and his wife owe to the bank.

IOB will be auctioning the entire block of land and building of Shri Andal Alagar College of Engineering at Mamandur Village in Kancheepuram district, residential property and a vacant plot at Saligramam in Chennai. Read in Tamil

“We borrowed the money for expanding the college. Since the college is on the outskirts of Chennai, we had to pledge a property within the city for obtaining the loan. This happens to every college and is a trifling issue,” said Premalatha adding that they would take legal recourse in the matter. Confident about repaying the debt, she said, “I will repay the money before July 26 since admissions will commence by then.”

Currently, counseling for the Tamil Nadu Engineering Admissions (TNEA) is underway at various colleges in Chennai.

Captain Vijayakanth, the popular Tamil actor first contested elections in 2006 after forming the DMDK. He later joined hands with the All India Anna Dravida Munnetra Kazhagam (AIADMK) in 2011 and emerged as the leader of the opposition.

During the 2019 parliament elections, he was with the AIADMK-PMK-BJP alliance, but could not win any seats. Following an ailment, Vijayakanth has not been active in politics. Premalatha, who is also the treasurer of DMDK is now managing the party.

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