Indian Overseas Bank has auctioned Rs 100 crore worth of properties in Chennai and Kanchipuram in the name of DMDK founder and actor Vijayakanth and his wife Premalatha. The bank’s notice says the engineering college at Kanchipuram and the house of Vadapalani will be auctioned on July 26.
The foreclosure action comes after the bank did not pay back the Rs 5 crore loan it had taken to construct new buildings in the college. The bank said it has repaid Rs 5.52 crore in loans. But the actor doesn’t react to this news.