Pentamedia to sell property following bank notice

Pentamedia Graphics, formerly called Pentafour Software and Exports and the largest multimedia company based in India plans to sell off one of its properties in Chennai following Bank of India (BoI) serving notice to the company to pay an amount of Rs 36 crore due to the bank. Speaking to Cyber News Service, S Chandrasekaran, Chief Financial Officer, Pentamedia Graphics said, "Pentamedia owes Rs 34 crore to Bank of India including interest and working capital of Rs 23 crore. Due to recession in the IT industry in the last few years, the company wanted to clear all its loans including dues to Bank of India and offered the company's properties which are charged to Bank of India for swapping and settling the dues even as early as May'02. As Bank of India could not take over the properties, they had given us the notice to clear the dues."

The company has its properties in the heart of the city of Chennai as well as at Kelambakkam on the IT corridor. The total value of the properties including equipments, hardware & software is more than Rs 250 crore. The company had offered its property at the city as well as at Kelambakkam to Bank of India. The company plans to sell one of the properties.

According to Chandrasekaran, the deal has not yet been settled and the negotiations are going on. The company also proposes to settle the dues by sale of property as well as out of receipts of GDR proceeds and realization from its products including the latest 3D film Son of Aladdin, which is due for release in July / August.

Nisha Kurian