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A movie theatre in Bengaluru owned by mining barons has been put up for auction.
The Asset Reconstruction Company-India Ltd (Arcil) will auction VS Lad & Sons owned theatre and an industrial plot following non-payment of a loan of ₹37 crore borrowed from Karur Vysya Bank (KVB) last year.
VS Lad & Sons is a company owned by mining barons of Ballari, Anil Lad and Santosh Lad. Arcil is auctioning the property as the bank sold the loan asset last year and got the theatre sealed in July this year.
Arcil has notified the public through advertisements of the sale of the pledged properties through an auction scheduled at its Bengaluru office on January 12, 2015.
“The property is currently available for inspection by prospective buyers,” said an Arcil release.
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