In a shocking update, the Indian Overseas Bank in Chennai seized an astonishing 96 plus crore worth property of producer Aascar V Ravichandran following his failure to clear the debts. The producer earlier made several blockbusters like Shankar's I, Aparichitudu and is the man behind Kamal's Dasavatharam and the yet to be released Vishwaroopam 2.
According to the Kollywood media reports, Aascar Ravichandran amassed huge losses during the release of I and even with the flop of Vijay's high budget entertainer, Velayudham. Even though Shankar's high stood as 2015's biggest grosser so far, high production cost resulted in the bankruptcy of the producer.
Recently, Kamal Haasan expressed uncertainty about Vishwaroopam's release, even though the film was completed last year itself. The film is expected to hit the screens in the first week of July. Aascar Ravinchandran's example might serve as an unfortunate but important lesson to all the producers who risk their financial safety with monstrous budgets.
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