Officials of Karur Vysya Bank on Tuesday seized a movie theatre belonging mining barons V.S. Lad and Sons following loan default.
A team of officials from a recovery agency appointed by Karur Vysya Bank locked up Vaibhav Theatre in Sanjay Nagar amidst full police security.
The Lad brothers, who owned Vaibhav Theatre, had availed Rs. 37 crore loan from the bank, but had failed to repay. They had entered into banks defaulters list.
The bank had approached a city court, which issued orders to seize the property. “We have followed all the orders and even issued notices before. But we did not get any response,” said an officer from Arcil Pvt. Ltd., the recovery agency that seized the theatre on behalf of the bank. He also said that the seizure would be revoked if the Lad company clears the dues.
