In a setback to Tamil actor and DMDK chief Vijayakanth, the Indian Overseas Bank, in a public notification, announced that his three prime properties will come up for auction on July 26 to recover loans that his Andal Azhagar Educational Trust had defaulted on.
The trust, which runs the Andal Azhagar Engineering college, is managed by Vijayakanth and his wife Premalatha. The three properties are worth Rs 100 crore. Indian Overseas Bank, in its notification, announced that properties owned by Vijayakanth and Premalatha would be auctioned on July 26 to recover loans worth Rs 5.52 crore availed by the trust.
“We will resolve the issue with regard to the mortgaged properties before the notification date,” Premalatha, DMDK treasurer and one of the trustees of the Andal Azhagar Trust, said. Vijayakanth and his wife had availed loans from the Mount Road branch of Indian Overseas Bank by pledging three of their prime properties and signed as sureties.
The properties to be auctioned will include Vijayakanth’s posh residence in Saligramam in Chennai, spread over 3,013 square feet; a business complex in Saligramam spread across 10,271 square feet built-up area and 4,651 square feet land; and immovable properties in Maamandoor, in the name of Andal Azhagar Engineering college, spread across 49 acres land and 4,38,956 square feet built-up area.