MP Anil Lad's Vaibhav theatre to be auctioned soon
The Asset Reconstruction Company Limited (ARCIL) has announced the public auction of Vaibhav theatre situated at Sanjay Nagar Main Road in RMV Extension. The theatre belonged to VS Lad & Sons of which Rajya Sabha MP Anil Lad is a majority shareholder while MLA Santosh Lad was one of the directors. The public notice by ARCIL says the reserve price for the theatre is Rs 23 crore.
The single-screen theatre was one of the best known in north Bengaluru. VS Lad & Sons had borrowed money from Karur Vysya Bank on which they had defaulted after which ARCIL had sealed the property a few months ago. According to ARCIL, the outstanding dues by the company is Rs 36,59,45,138 as on June 14, 2013. Further interest and other amounts is calculated from then on.
The theatre and another property was pledged as collateral for the loan. Along with Vaibhav theatre, one acre and 24 guntas of industrial land in Shettigere village in Bengaluru north taluk is also being auctioned to recover the outstanding dues. While the industrial land has a reserve price of Rs 7,73,00,000, Vaibhav theatre has a reserve price of Rs 23,00,00,000.
The single-screen theatre was one of the best known in north Bengaluru. VS Lad & Sons had borrowed money from Karur Vysya Bank on which they had defaulted after which ARCIL had sealed the property a few months ago. According to ARCIL, the outstanding dues by the company is Rs 36,59,45,138 as on June 14, 2013. Further interest and other amounts is calculated from then on.
The theatre and another property was pledged as collateral for the loan. Along with Vaibhav theatre, one acre and 24 guntas of industrial land in Shettigere village in Bengaluru north taluk is also being auctioned to recover the outstanding dues. While the industrial land has a reserve price of Rs 7,73,00,000, Vaibhav theatre has a reserve price of Rs 23,00,00,000.
Vaibhav theatre is situated on a parcel of land measuring 2,390 sq. metres (25,726 sq ft) and has a seating capacity of 600. The built-up area is 10,286 sq.ft. It was one of the last single-screen theatres built in Bengaluru 15 years ago. After this, only multiplexes have come up in the city as the age of single-screen theatres has faded away.
