There is an interesting news people are talking about.
3 banks given loan to Great Indian Nautanki Company. For buying a property by Great Indian Tamasha Company. Tamasha Co is also a guarantor. Now it’s #NPA. Didn’t the names ring any bell? ?@IDBI_Bank? ?@HDFC_Bank? ?@bankofbaroda? pic.twitter.com/Oq481QSza4
— Tamal Bandyopadhyay (@TamalBandyo) June 20, 2022
Two companies with colorful names “Great Indian Tamasha” and “Great Indian Nautanki” defaulted on the loans taken from banks and now their collateral is being auctioned by the banks. The most interesting part is that the collateral in question is 107. 24 Acres located in Coorg, at Peroor, Balamavatti.
Also, the land parcel is a total of the land spread here and there.
Banks are trying to recover 148 crore, loaned out to the companies. If they have to be successful, then they need to get bids of more than 1 crore for each acre, which is nearly impossible.
The reserve price is set at around 11 crores. Even if the reserve is met, will the bank sell ?. If they do, then it will a nice haircut for the banks and it will be a successful Tamasha & Nautanki.