Top Producer’s properties sealed by bank for Rs.97 cr dues

Of late we are hearing many tales in the South Film Industry on the sky-rocketed budgetary disciplines of big movies leading producers into heavy debts. Some of them are doling out huge money upto Rs.100 crore by mortgaging their properties to banks for the finances.

It is learnt that big producer Ascar Ravi Chandran’s properties are sealed by bank for the Rs.97 crore dues for the loans he had taken from the bank for his movies. Shankar-Vikram’s ‘I’ movie is the biggest budget movie made till date among the released movies in South.

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Ascar Ravichandran was popular for making big budget movies like ‘Aparichitudu’ (original Anegan in Tamil), ‘Vishwaroopam’ with Kamal Haasan etc. Kamal Haasan’s ‘Vishwaroopam 2’ is long back completed and still lying in cans because the producer is unable to dole out money for completion of post-production work and release.

The Rs.97 crore dues of the producer include the huge interest his debts have incurred. The producer is confident that he would clear his debts very soon and get back his properties.