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From Big B To IOU

The slide from dream project to basket-case is complete. Creditors are now after Bachchan's Juhu bungalow and other property, as ABCL ducks under the bankruptcy law.

From Big B To IOU
From Big B To IOU
outlookindia.com
-0001-11-30T00:00:00+05:53

The bungalow called Pratiksha on Juhu Tara Road in Mumbai is a bit of a landmark. This three-storeyed house with a long, sloping roof, on a 1,200 sq m corner plot, is the residence of the biggest film star India has ever produced: Amitabh Bachchan. He could be very close to losing it to creditors.

The public sector Canara Bank has sought the Mumbai High Court's permission to attach Pratiksha to recover its dues. Canara Bank has charged Bachchan and his wife Jaya for the non-payment of bank advances provided by way of open-cash credit facility tot-alling Rs 2.4 crore, overdraft against book debts amounting to Rs 5.6 crore, foreign letters of credit worth Rs 2.5 crore and guarantee facility to the tune of Rs 3.5 crore. The money was lent to Amitabh Bachchan Corporation Ltd (ABCL), with the Bachchans as guarantors. India's first entertainment company had planned to notch up Rs 1,000 crore by way of turnover by the year 2000. Instead, its net worth wiped out, it has applied to the Bureau for Industrial and Financial Reconstruction (BIFR) to be listed as a sick company.

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