Chennai : The Rs 20 crore loan taken from EXIM bank in connection with the production of Rajinikanth-starrer ‘Kochadiyaan’ will be paid by March next after notice was issued for its recovery and the actor’s wife, who was the guarantor, will not be burdened, the film’s producers and the original barrower from the bank Mediaone Global Entertainment said yesterday.
This was stated by Mediaone Global Entertainment Limited, one of the producers of the film, amid reports that EXIM bank had issued a notice to Lata Rajinikanth asking her to repay over Rs 22.21 crore that was due to the bank in July this year, since she was the guarantor for the loan given to them.
There were reports that the bank took possession of a two-acre property belonging to Latha as compensation for the loan once it was not repaid.
Clarifying the news, Dr J Murali Manohar, Director of Mediaone Global Entertainment, told reporters that they would pay the loan without burdening Latha, who turned guarantor out of good will.
The company has a turnover of Rs 150 crore and this is the only loan to the extent of Rs 20 crore to Rs 30 crore, he claimed.
“We will pay it out of our cash flows and other assets that we have. The company has all intentions and all resources to pay though there are cash flow issues, which should be sorted out over a period of time. We hope to get the whole thing cleared on 31st March 2015,” Manohar assured.
“Lata Rajinikant has done whatever she has done for the project by supporting us and giving us a collateral only in goodwill and we will definitely clear it without disturbing her. The profit or loss is ours and we will ensure that nothing is passed on to her…” he added.
The film was directed by Rajinikanth’s daughter Soundarya using motion capture technology.
The assurance from Mediaone comes as a relief for Ms. Latha Rajinikanth as her head was rolling in this issue ever since the EXIM Bank has served a Public notice on Possession of her property. However, the assurance is a temporary relief and does not fully relieve her from the responsibility as a guarantor until Mediaone clears the loan as assured.
