A Public Sector Bank Friday issued notice for sale of immovable property mortgaged as surety by DMDK founder Vijayakant and his spouse for an engineering college run by his family in Kancheepuram district.
Indian Overseas Bank issued "sale notice of immovable property" in connection with an outstanding debt of over Rs five crore concerning the Andal Alagar Engineering College in Mamandur.
The actor-turned-politician's wife, Premalatha, said they would face the matter legally, even as she claimed that engineering colleges in the state were running in debt.
The college is run by Shri Andal Alagar Educational Trust.
The bank issued the e-auction notice of immovable property for "recovery" of a little over Rs 5.52 crore from the guarantors, Vijayakant and Premalatha, "with further interest costs due to the IOB."
Responding to the notice, Premalatha said it was "not a big issue."
They had sought time since admission was on, "but they took action," she said, adding, "we will find a solution by taking legal recourse."
Disclaimer: No Business Standard Journalist was involved in creation of this content