The property that was won over a toss of a coin

The property spread over 3 acres of land worth over Rs 75 crore today in Chennai's Anna Salai, headquarters of one of the largest banks in south India, was won over a toss of a coin five decades ago. The property in question is the head office of Indian Overseas Bank (IOB).

Interestingly, Indian Bank conducted a public auction of the Ambassador Hotel property in 1956, the owner who failed to pay its dues. There were two people who evinced interest in the property.

One was the promoter of the Indian Overseas Bank M Ct M Chidambaram Chettyar and the other was the TVS group. The TVS group already owned the property opposite IOB where the Sundaram Motors showroom is located.

There was a deadlock in the auction. Finally, it was decided that a toss of a coin will determine who will own the property. The toss was won by Chidambaram Chettyar.

According to the Madras High Court order dated May 18, 1958, the house and ground bearing 151, Mount Road, was sold to the Indian Overseas Bank for Rs 4.55 lakh on July 16, 1956.

M Ct M Chidambaram Chettyar, a pioneer in many fields "" banking insurance and industry "" had special interest in foreign exchange business and overseas banking.

The Life Insurance Corporation (LIC)'s headquarters in Chennai, which has been portrayed as a landmark to signify the city for many years, was also built by Chidambaram Chettyar, who promoted the United Insurance Company as well. However, both the entities were nationalised.

While United Insurance Co was nationalised in 1956, IOB was nationalised in 1969 with 13 other large banks.

In January 1956, as many as 245 life insurance companies were amalgamated and taken over by the Government of India. The merged entity was called LIC by an Act of Parliament (LIC Act 1956).