Ketan Parekh to help revive ABCL

Amitabh Bachchan's success in Kaun Banega Crorepati has prompted a leading stockbroker to pump fresh funds into the ailing Amitabh Bachchan Corporation Limited for its revival.

Stockbroker and investor Ketan Parekh has started infusing fresh funds in ABCL in tranches since April. The company is launching three movie productions including Aks, which is due for release by December. The company also intends to acquire the Bombay distribution rights of two forthcoming films starring Abhishek Bachchan -- Dhai Akshar Prem Ke and Bas Itna Sa Khwab Hai.

ABCL, now known as AB Corp, will use the investor's funds to pay off creditors so as to achieve debt-free status and start new ventures. ABCL was listed by the Bureau for Industrial and Financial Reconstruction as a sick unit following its default in various financial obligations.

Parekh said the AB Corp board would be reconstituted by inducting the investor's representatives besides Amitabh Bachchan and Amar Singh, the Samajwadi Party MP. AB Corp has mandated Parekh's firm Triumph International Finance India for advice on capital restructuring plans for the company.

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