With the issue of public notice by Exim bank to auction Rajinikanth’s property as the producer Mediaone Global Entertainment Ltd failed to repay Rs 22.02 Crore, producers have finally came out in open and issued a statement that they’ll be repaying the loan and asked not to drag guarantors of loan into the issue.
“The act of Exim Bank to call upon the guarantors Mrs Latha Rajinikanth and Dr evender 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 and discharge the responsibilities of the guarantors,” said in a statement.
Explaining the reasons for the delay in clearing the loan, it said, “In fact, the company is in the process of clearing the loan on or before March 31, 2015 and had various discussions with officials of Exim Bank in December 2014 to settle the matter. The company has serviced the interest for the loan entirely without any default till June 2014. Because of certain cash flow issues, the company was negotiating with the Eixm Bank to restructure the loan repayment, like done in other industries.”
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