The firm denied that the late director's properties had been put up for auction by UCO Bank. The reports had had fans worrying about the great director's legacy being lost.
No truth in reports of K Balachander's home and office being sold: Kavithalayaa Productions
13 Feb 2018 21:07 IST
Updated : 21:07 IST
Kavithalayaa Productions, the production company owned by one of Tamil cinema's greatest directors K Balachander, has clarified that the late filmmaker's house and office are not being sold.
The firm, in a statement, denied the reports that had appeared in a section of the media that the late director's properties had been put up for auction by UCO Bank.
Needless to say, the reports had got fans worrying about the fate of Balachander's legacy.
In the wake of these reports, Kavithalayaa issued a clarification today. The statement said, "Several rumours and unauthentic and unverified media reports have appeared in many newspapers on Tuesday to the effect that the house belonging to the late Mr K Balachander, the veteran director and founder of Kavithalayaa, along with Kavithalayaa's office are being put to auction by a public-sector bank.
"These rumours are totally baseless and false. KB's house and office properties have not been pledged or sold. We are issuing this note to the press as the unverified rumours have caused a great deal of distress to our friends and well-wishers across all sections of society."
Kavithalayaa went on to present the facts of the case. Detailing what had happened, the company's statement continued, "Kavithalayaa had availed a working capital facility against the security of a commercial property owned by the family members of Mr K Balachander from UCO Bank for normal business activities.
"In 2016, the company, recognizing the changing dynamics and trends in the entertainment industry, decided to scale down its film production activities and focus on digital content creation for the new media platforms. The company paid back a substantial portion of the outstanding debt and had been in negotiations with the bank for settlement of the balance amount on or before March 31, 2018.
"Before these negotiations could be concluded, the bank, in accordance with their procedures, issued a notice of auction in one of the dailies, which in turn, led to these rumours."
The production house, one of the most respected in Tamil cinema, requested its "friends, well-wishers, business associates and fans of KB along with the fans of several celebrities and his mentees" to not be misled by such reports and expressed thanks for their expressions of support.