VISAKHAPATNAM: YSR Congress leaders, led by Gudivada Amarnath, on Friday demanded the resignation of HRD Minister Ganta Srinivasa Rao over the alleged default of loan taken by Pratyusha Resources and Infra Limited from Indian Bank.
The company had taken a loan of Rs.192 crore and defaulted the bank by Rs.141.68 crore.
Mr. Srinivasa Rao, who was a former director in the company, stood as one of the guarantors.
Mr. Amarnath said that as Mr. Srinivasa Rao was one of the founders of the company, he had considerable clout in the firm even after resigning in 2009.
“Morally, he is responsible for the default,” he said.
He alleged that valuation of assets was skewed up in favour of the company and some of the assets attached were government lands.
The bank attached the properties of the Minister and all the guarantors and directors of the company. In all, 26 properties were attached.
