“I’m confident of coming out of these problems soon,” says Aascar

Two days back, a leading daily published a notice with the image of producer Aascar Ravichandran stating that Indian Overseas Bank is seizing his properties for defaulting a loan amount of nearly 90 crores. The picture of Aascar Ravichandran grabbed the headlines since the man has never participated in any film-related functions and is always known to be reclusive.

Responding to the notice in a daily, Aascar says, “My business is film-making which involves crores and I taken a loan after giving double the amount of collateral. I have been doing business with them for more than a decade and have regularly paid by interest which alone runs to more than Rs. 100 crore. In the last four months, I could not do it because some of my films are stuck, but am confident of coming out of these problems soon.”

Sources say the long-pending Bhoologam is one of the major reasons for the trouble.