'Kochadiyaan' producers assure bank to repay loan dues
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 said today
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 said today.
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, J Murali Manohar, Director of Mediaone Global Entertainment 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 turn over 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 March 31, 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.
In a bid to generate further revenues through the film, the producers are planning to release an international version in English, German, Spanish, Italian and other foreign languages.
"At the moment that is the main work that is going on and in April or May, I hope to release the international version.I'm sure it will fetch us additional and substantial revenues," Manohar said.
Explaining the reasons behind producing the film with motion capture technology he said, "We did that because we believed in the technology. We are very proud to put our efforts to immortalize the image of Rajinikant and take it to the next level and attempted something new. We were really fascinated by the technology and wanted to produce something internationally."
Since the film making in Tamil took a little longer than expected, the film had cost the company "little money".
"Definitely, it was a restricted budget film but when we attempted something that the West has done, it took us a little longer. The delay cost us a little money. There was a pressure to release the film..." he said.