Tribunal allows bank to proceed against Bachchan

The Debt Recovery Tribunal (DRT) has allowed the government-owned Canara Bank to proceed against Amitabh Bachchan and wife Jaya, who had guaranteed the repayment of a Rs 10 crore loan taken by AB Corp Ltd (formerly Amitabh Bachchan Corporation Ltd.)

The Canara Bank hopes to get the tribunals decree to proceed against the Bachchans to recover its funds in a couple of months. Kotak Mahindra Finance had evaluated the project and advised the company on raising funds from various avenues. The project, which made heavy losses, was based on the brand image of the Bollywood superstar.

The Bachchans can now move the appellate authority to stay the DRT order or as a last resort, move the Supreme Court. But either way, they will have to deposit 60-70 per cent of the money owed to Canara Bank.

In his order last week, the presiding officer, VS Deshmukh, also asked Amitabh and Jaya to declare on affidavit their assets as early as possible adjourning the matter to December 14. The tribunal held that in view of the non-payment of credit availed by AB Corp Ltd, Canara Bank was within its right to seek attachment of the Bachchan’s house valued at Rs 10 crore in the market. The Bachchans have already declared that their bungalow has been mortgaged to Sahara India for a loan of about Rs 15 crore. The mortgage document has, however, shown that Sahara’s loan has been paid off.

The tribunal has also temporarily restrained Amitabh and other respondents from selling or disposing of or creating third party interests over Pratiksha, the Bachchan’s bungalow in Mumbai. However, the DRT turned down the bank’s plea to appoint the court receiver because the tribunal was not empowered to do so.

The tribunal also rejected the bank’s claim to attach Mansa bungalow occupied by the Bachchans in suburban Juhu as it was the exclusive property of Ramola Bachchan.

AB’s most beautiful women
Amitabh Bachchan named some women he considered to be the most beautiful in this country. Prominent on his list were the Rajmata of Jaipur, Gayatri Devi, Savitri Devi, the wife of Gemini Ganesan and Madhuri Dixit (now Mrs Madhuri Nene). The only other actress on his list is Aishwarya Rai for her “perfect face”. Bachchan who was voted “the greatest actor of the millennium” by BBC Online made his selection in a special issue of Outlook magazine. The other women in his list are Waheeda Rehman (whose fan he is as an actress), Meena Kumari, Leela Naidu and Saira Banu’s mother, Naseem Banu. mother Teji Bachchan and grand-daughter Navya Naweli find special mention.