The Great Indian Nautanki Company takes down three banks worth Rs 150 crore scandal

Three Indian banks have been taken for a dramatic ride of a total Rs 150 crore by a couple of Indian companies, which have now become nightmarish Non Performing Assets recently.

The three banks are IDBI Bank Ltd (Rs 92,69 crore), Bank of Baroda (Rs 49.23 crore) and HDFC Bank Ltd (6,27 crore), besides interests, penalties, etc.

The corporate guarantor named is the Great Indian Tamasha Company Pvt. Ltd. (GITCPL), and other guarantors are Wizcraft International Entertainment Pvt. Ltd., S.G. Investments Pvt. Ltd.

Now, the IDBI Bank, HDFC Bank and Bank of Baroda have sought bids through an e-caution for the sale of 107.24 acres of lands owned and mortgaged by GITCPL and moreover these banks are on an attempt to recover their outstanding dues.

The bids for these properties – with a reserve price tag of Rs 1,153 lakhs — will remain open between July 16 – 22 and the e – auction will be held on July 27.

IDBI Bank has also initiated proceedings under the SARFAESI Act to recover its dues. The land parcels which are being circulated are situated in the Peroor village’s Ballamvati Mandal Panchayat of Kodagu district in Karnataka.