Chennai: The Indian Overseas Bank has advertised a public notice for sale of properties owned by DMDK founder 'Captain' Vijayakanth and wife Premalatha for recovery of outstanding debt of a little over Rs.5.52 crore plus the interest and other charges. The properties on the bank's e-auction notice include the Saligramam bungalow where the star-politician resides with family and also the Andal Alagar Engineering College on GST Road at Mamandur, about 80 km south of Chennai, administered by a trust founded by him about 20 years ago.
With the news of IOB's public notice creating huge excitement in political and media circles, Premalatha addressed the media along with her brother Sudeesh to explain the situation. "We will face this issue legally", she declared and pointed out that most of the engineering colleges in Tamil Nadu were running in debt and had problems.
