Shankar's Producer Properties Siezed

May 4, 2015

Well known producer Oscar Ravichandran faced reportedly landed in troubles. As per reports Indian Overseas Bank has attached the assets of the V Ravi Chandran recently, after he fails to repay the loan taken from the bank. Overseas Bank on Thursday issued a takeover notice of four properties belonging to Oscar Ravichandran of Oscar Films Pvt Ltd for defaulting on a Rs 96.75 crore loan.

The four properties include one in Ashok Nagar and a flat on Prithvi Avenue, Mylapore in Chennai, a theater complex in Vellore and another theater complex in Salem. The bank officials have served several notices to him but he was unable to clear the bank loan as his financial condition worsens with failure of his films. Hence, the bank officials have attached his properties mortgaged with the bank to recover the loan and interest amount.