In the wake of Mrs Latha Rajnikanth standing as a guarantor for the 22 crore rupees loan taken by the production house ‘Mediaone’, it is already known that EXIM Bank has decided to auction a two acre land under Rajni’s wife’s name as the loan is not repaid. However, Mediaone’s directors are now pleading the bank to not auction Rajni’s property as they are getting things ready to repay by March 2015.
According to the company statement- “The act of Exim Bank to call upon the guarantors Mrs Latha Rajinikanth and Devender CR to repay the loan of Mediaone, when the principal borrower is making arrangements to repay the loan is not warranted. Company is taking necessary steps to repay the loan, protect the interest of the company Because of certain cash flow issues, the company was negotiating with the Eixm Bank to restructure the loan repayment, like done in other industries”
Will EXIM bank listen to this request?