Once looking to buy IPL team, company now fails to repay Rs 7.5-cr loan

Updated: 23 November, 2015 11:03 IST | Varun Singh |

Mumbai-based Kamla Landmarc received a public notice for failing to pay off the loan, and properties belonging to two company officials were seized by the bank in symbolic possession

Kamla Landmarc, a business firm from Mumbai that shot to fame in 2012 with reports that it was buying the now-defunct IPL team Deccan Chargers (worth hundreds of crores at the time), has now been issued with a public notice for failure to repay a Rs 7.5-crore loan.

Kamla Landmarc
The bank seized two flats belonging to company officials in a symbolic possession. One of the flats is in this building, Anand Kanchan, on Sir PM Road in Vile Parle (east). Pic/Rane Ashish

The loan was borrowed by Kamla Landmarc Motors Pvt Limited — the company’s automobile arm — from the State Bank of India, which has now taken symbolic possession of two flats belonging to company officials.

“A demand notice was made on September 11, after which the borrowers were given a period of 60 days to repay the loan. However, the borrowers and guarantors failed to repay the amount and hence symbolic possession has been taken of the flats,” said an official from the Goregaon (east) branch of the State Bank of India (SME).

The loan, amounting to Rs 7,50,82,839, with further interest and charges, was taken in connection to motor vehicles, added the official.

On Tuesday, the bank took symbolic possession of the two properties, cautioning the borrowers and guarantors and the public that action would be taken against anyone dealing with the properties and would be subjected to the charge of State Bank of India (SME) branch Goregaon (east).

One of the seized properties is a 630-sq-foot apartment in Anand Kanchan building in Vile Parle (east), while the other flat (same size) is in Archana building, located in Santacruz (west). The first one belongs to one Ramesh Jain, while the Santacruz property belongs to Ketan Shah, both of whom were guarantors for the company’s loan, along with three other officials — Jitendra Ramesh Jain, Jinendra Ramesh Jain and Siddhivinayak Dalvi.

The next day, the notice was issued by the Goregaon (east) branch of State Bank of India (SME), reading: ‘The borrowers and guarantors having failed to repay the amount, notice is hereby given to the borrowers and guarantors, the public in general, that the undersigned (bank) has taken symbolic possession of the property, in excuse of powers conferred under Section 13 (4) of the Securitisation and Reconstruc-tion of Financial Assets and Enforcement of Security Interest Act, 2002.’


One of the company directors and loan guarantors, Jinendra Jain told mid-day, “In business there are always ups and downs. We failed to repay the loan due to issues with funds, but we will pay it off within 25-30 days.” The company deals majorly in real estate but made quite a buzz while negotiating for the Deccan Chargers. However, Jinendra clarified, “We were only in talks over buying the team. It never went beyond the negotiation level.”

The curse of the IPL
The curse of the Indian Premier League seems to spread to anyone even remotely associated with it. Here are some cases where IPL owners have fallen on bad times:

Subrata Roy: The erstwhile Pune Warriors owner was jailed in 2014 for defying the Supreme Court in a Sebi case. He remains in jail till today, unable to raise the world’s most expensive bail bond — Rs 10,000 crore.

T Venkattram Reddy: His Deccan Chargers was ousted from the IPL in 2012, the CBI filed a criminal conspiracy case against him in 2013 and he was finally arrested this year.

N Srinivasan: The strongman’s Chennai Super Kings has been suspended from the IPL for two years following corruption and fixing charges against his son-in-law Gurunath Meiyyappan. He recently lost the ICC presidency.

Sunanda Pushkar, Shashi Tharoor: Both got into trouble even before the birth of the Kochi Tuskers franchise, with allegations of sweat equity and financial gains. Sunanda was found dead under mysterious circumstances in a Delhi hotel last year. Tharoor, who lost his minister’s post after the initial allegations, is still not completely in the clear in his wife’s death.

Vijay Mallya: The high-flying Mallya lost his Kingfisher Airlines and his liquor empire. He now finds himself labeled a “wilful defaulter” by the banks.

Raj Kundra: Like Meiyappan, was questioned in the fixing allegations and his franchise Rajasthan Royals too have been grounded for two years.

Ness Wadia, Preity Zinta: Not all has been rosy with the Kings XI co-owners, with Zinta accusing Wadia of molesting and assaulting her. Zinta’s career, too, has come to a standstill.

Shah Rukh Khan: The Kolkata Knight Riders is under the Enforcement Directorate scanner for alleged forex violations.
Lalit Modi: The dethroned founder is still in the wilderness and desperately looking to make a comeback into the jamboree he founded.

First Published: 20 November, 2015 15:50 IST

Sign up for all the latest news, top galleries and trending videos from Mid-day.com

loading image
This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Cookie Policy. OK