The Madras High Court has directed to attach BSE-listed Pentamedia Graphics Ltd's shareholding in Mayajaal Entertainment and its immovable assets.
The direction comes in response to an execution petition filed by Dallah Albaraka (Ireland) Ltd, an investment arm of Dubai-based Dallah Albaraka, which moved to the Court against Pentamedia's decision to sell its holding (worth around Rs 75 crore) in Mayajaal Entertainment Services, country's largest multiplex.
When contacted V Chandrasekaran, chairman & CEO, Pentamedia Graphics Ltd said that the company has gone for an appeal and that since the matter is in the court he didn't want to comment further.
It may be noted that, Pentamedia owes around $13.36 million to Dallah Albarka (Ireland). Dallah Alharka had advanced around $10 million under a Murabaha Trade Finance Agreement to Pentafour International Singapore Pvt Ltd, a wholly owned subsidiary of Pentasoft Technologies Ltd, which had executed an irrevocable and unconditional guarantee and indemnity deed in favour of the decree holder for the due payment of the amounts.
In September 2011, Pentamedia Graphics said that is planning to exit from Mayajaal Entertainment Ltd, which owns over 30 acres of property near Chennai. This comes after Mayajaal has decided to join hands with real estate firms to develop a Rs 300-crore villa project and also other real estate projects in the site.
Pentamedia picked up a 48% stake in Mayajaal, in 2004 with an investment of around Rs 38-40 crore. According to market sources, the company is likely to exit with around Rs 70-75 crore.