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Loan default: IOB to auction Vijayakanth’s properties
Tamil Nadu

Loan default: IOB to auction Vijayakanth’s properties

S.Murari

Three prime properties worth around Rs 100 crore owned by actor-politician Vijayakanth will go under the hammer for failing to pay Rs 5.5 crore loan taken from Indian Overseas Bank.

The actor had availed the loan for Andal Azhagar Educational Trust which runs an engineering college in neighbouring Kanchipuram district. Vijayakanth and his wife Premalatha had pledged their property and stood surety for the loan. The properties, which are worth Rs 100 crore, will be auctioned in Chennai on July 26, the bank has said in a newspaper advertisement.

The properties to be auctioned include Vijayakanth's posh residence in Saligramam in Chennai where he is staying along with his wife and two sons. Others include residential property in the same locality and Andal Azahagar Engineering College situated on the Chennai-Tiruchi National Highway.

VIjayakanth's Desiya Murpokku Dravida Kazhagam drew in the blank in the recent Lok Sabha polls and Assembly polls in Tamil Nadu which it faced in alliance with the AIADMK and the BJP.

Though the party may be in a bad shape, there is nothing to suggest that Vijayakanth is broke. As he is yet to fully recover from dipsomania for which he took treatment in the US, his wife Premalatha and brother-in-law K Sudeesh are managing his affairs.

Public auction is an extreme step which a bank takes only after all other means to recover the loan, in this case a meagre Rs 5.65 crore, fail.