Dr Murali Manohar of Media One Global Entertainment Limited, who co-produced Kochadaiiyaan, held a press meet this morning to clarify the matter regarding Latha Rajinikanth’s property which has reportedly been seized by a bank.
It was earlier declared that Exim Bank would confiscate Latha Rajinikanth’s property, as she was the guarantor for the loan that Media One Global Entertainment Limited borrowed from them. The company had borrowed Rs. 20 crores from Exim Bank to co-produce and release Kochadaiiyaan.
Speaking at the press meet, Dr Murali Manohar said that his company had paid the interest accumulated till June 2014. He added that the principal would be repaid before March 31, 2015. “We, Media One Global Entertainment Limited, are the borrowers. When we have promised to repay soon, the guarantor Latha Rajinikanth is not liable,” he said.
Although Latha Rajinikanth is not legally answerable, she would continue to be the guarantor till Media One pays Rs. 20 crores to Exim Bank. Dr Murali Manohar said, “The act of Exim Bank to call upon the guarantors – Latha Rajinikanth and Devender CR – is not warranted.”
Kochadaiiyaan, the directorial debut of Soundarya Rajinikanth, featured Rajinikanth and Deepika Padukone in the lead. The film, the first one in India to be made using motion capture technology, failed to do well at the box office.