an old icon of bangalore and indias first and only cinerama theatre kapali will be sold in an online public auction by syndicate bank on january 8 2014 the eauction sale notice was put out a few days ago by the bank the theatre along with a commercial complex bearing the same name has been put up for auction to recover loan dues of over rs 265 crore the bank notice is based on an order in case between it and ms gopal films and ms h dasappa sons pvt ltd the companies are represented by the heirs of the late h dasappa who owned the property the notice lists two properties for auction one the kapali commercial complex measuring 13508 sq ft and second the kapali cinema theatre in all measuring 44184 sq ft the theatre and complex are situated on subedar chatram road in gandhinagar area rs 120 crore the bank has announced a reserve price of rs 120 crore on the theatre complex and rs 30 crore on the commercial complex making it one of the biggest eauction sale efforts for a primepropertyinbangaloretheearnest money deposit is rs 12 crore and rs 3 crore respectively partner in mars realty a commercial real estate dealer prashanth sambargi said in the last one year bangalore has seen the 18acre bpl group property in whitefield auctioned by asset reconstruction company india ltd arcil the reserve price for it was rs 110 crore the kapali auction is even bigger with the theatre complex itself having a reserve price that is rs 10 crore more the loan due to syndicate bank is rs 26547426013 rs 265 crore plus interest at 1675 per cent per annum from november 2012 the auction will start from 1130 am on january 8 the eauction is expected to bring institutional players for the bid sambargi said eauction is the norm of the day eauctions are very fair and does not involve psychology and body language of participants institutional buyers come into play and it reaches global players kapali is one of the oldest and largest cinema theatres in bangalore it was inaugurated on february 16 1968 and was indias first cinerama theatre it originally had an 84 x 32 plasticscreenforcineramafilmsthe original seating capacity of the theatre was 1465 which has been reduced to 1112 now despite that it continues to be the largest single screen theatre in bangalore kapalis owners owe the syndicate bank rs 265 crore plus interest at 1675 per cent per annum from november 2012 the auction will be from 1130 am on jan 8