Properties of Great Indian Tamasha Company—corporate guarantor of Great Indian Nautanki Company—have been put up for sale for non-payment of loans taken from IDBI Bank, HDFC Bank and Bank of Baroda.
According to a public notice issued by IDBI Bank, the immovable properties, which will be sold through e-auction next month, are located in Karnataka's Kodagu district.
"IDBI Bank invites bids/offers in sealed covers for sale of the property of Great Indian Tamasha Company (corporate guarantor of Great Indian Nautanki Company) under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act," the lender said.
The company owes IDBI Bank Rs 86.48 crore, HDFC Bank Rs 6.26 crore and Bank of Baroda Rs 49.23 crore.
According to the notice, "The dues of IDBI Bank outstanding as of May 1, 2022, stand at Rs 92.69 crore plus interest thereon with effect from May 2, 2022".
The sale of the secured assets for which the reserve price has been fixed at Rs 11.53 crore will be on "as is where is basis", "as is what is basis", "whatever there is basis", and "no recourse basis" on behalf of the secured creditors, which are IDBI Bank, Bank of Baroda and HDFC Bank.
The prospective buyer will have to deposit earnest money of Rs 1.15 crore.
IDBI said it took possession of the property on May 20, 2022. The property is situated at Peroor village of Kodagu district, measuring a total of 107.24 acres.
The e-auction will take place on July 27, 2022, and the last date of submission of bids is July 22.
Set up in January 2008, Great Indian Tamasha Company is classified as a non-govt company with an authorised share capital of Rs 2 crore and its paid-up capital is Rs 2 lakh. It is involved in sporting and other recreational activities.
Directors of the company are Anumod Sharma, Sanjay Choudhry and Wizcraft International Entertainment Pvt Ltd, among others.