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Regular-article-logo Friday, 10 May 2024

BIG B BAILOUT FOR BIG B 

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FROM OUR CORRESPONDENT Mumbai Published 12.09.00, 12:00 AM
Mumbai, Sept. 12 :    Mumbai, Sept. 12:  For some weeks now, Amitabh Bachchan has been throwing a lifeline several times a day, five days of the week to crore-chasers who have lost their way. Now, it's time for him to grab one. The lifeline for Big B's company, ABC, has been thrown by Mumbai's other Big B: Ketan Parekh. He is the mystery-shrouded man on the stock market who inherited Harshad Mehta's crown of the Big Bull. Also called the 'one-man army' for his fabled prowess to ramp up share prices of companies he fancies, Parekh has taken a shine to Amitabh Bachchan Corporation, discarded by the market as a basket case. KBC is only about one crore, but when Big Bull II enters the ring, what kind of cash is ABC looking at? Just to give a hint of the moneybags Parekh carries, here's an example. In 1999-2000, he offered to pay advance tax of Rs 31 crore. ABC has mandated Triumph International, a brokerage and research outfit affiliated to Parekh, to restructure the company. Henceforth, ABC will focus on the core competence and charisma of Bachchan, said sources close to the deal. The company's board will be recast by Bachchan and Amar Singh, the Samajwadi Party leader and a friend, with nominees of Parekh coming in. 'Mr Parekh has been injecting fresh funds into ABC from the start of the current financial year, April 2000,' the sources said. Industry sources say that after years of gloom, a period when ABC and Bachchan were hauled to the courts by banks and state corporations, the wheel of fortune has turned. Kaun Banega Crorepati has brought luck apart from whatever Bachchan may be earning himself from the show. The funds pumped in by Parkeh will be used to pay off the creditors of ABC to achieve debt-free status and restart with a clean slate. Helping in the restructuring of the capital is another Parkeh firm, Triumph International Finance India Limited. A resurgent ABC is already producing three films with major stars and has gone into distribution in prime territories such as Mumbai. One of these is a Bachchan-starrer with Aamir Khan, directed by Mansoor Khan. Also on the way is a film directed by Rakesh Mehra featuring the father-son duo of Amitabh and Abhishek with music by A.R. Rehman. In the final stage of production is one starring Amitabh, Manoj Bajpai, Raveena Tandon and Nandita Das with music by Anu Malik and lyrics by Gulzar. Trade circles say the film is due for release in December-January. ABC also intends to acquire the Mumbai distribution rights of two forthcoming films of Abhishek - Dhai Akshar Prem Ke (with Aishwariya Rai) and Bas Itna Sa Khwab Hai (with Rani Mukherjee). Is ABC sure of pulling all this off? With Parekh purse behind it, it's not overly risky to say: Lock kya jai.    
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