Visakhapatnam

Bank to hold auction of properties belonging to TDP MLA Ganta Srinivasa Rao and Pratyusha companies

The Indian Bank on Tuesday issued an e-auction sale notice for sale of immovable properties belonging to Pratyusha group of companies. The company, in which TDP MLA Ganta Srinivasa Rao was once a director, owes to the tune of ₹248.03 crores to the bank.

The notice was issued by the bank’s Stressed Assets Management Branch, Hyderabad.

As per the public sector bank, Pratyusha Resources and Infra Private Limited had defaulted the payment of a loan to the tune of ₹141.68 crores. The bank had issued a demand notice on October 4. 2016. Despite this, the company did not clear the loan, which is now ₹248.03 crores after accumulating interest.

The bank had taken the properties into possession on December 27, 2016 and on February 21, 2017.

As per the bank’s notice, the e-tender will close on November 23 by 5 p.m. and the e-auction will be held on November 25, between 12 p.m. and 3 p.m.

The properties to be auctioned include a commercial property belonging to Pratyusha Associates, and residential and landed properties belonging to directors Ganta Srinivasa Rao, P.V. Prabhakara Rao, K.B. Subrahmanyam, Ms. Narni Amulya and Parachuri Bhaskara Rao.

Assets belonging to companies such as Pratyusha Resources and Infra, Pratyusha Global Trade and Pratyusha Estates have also been attached and put on auction.

The properties attached and put on auction include an office complex in the Old Town area of Visakhapatnam, and properties in Gajuwaka, Chinagadali, Rushikonda, Madhurawada, Anandapuram, Ballaya Sastrty layout, East Godavari, Anakapalli, Kakinada, and in the State of Tamil Nadu.

For the PSU bank, the auction will be done by MSTC (Metal Scrap Trade Corporation). For details visit: www.mstcecommerce.com

Speaking about the auction, Mr. Ganta Srinivasa Rao had earlier said that he had stepped down as director of the company a few years ago and only one of his property has been attached for auction.

According to Mr. Ganta he had resigned as the director of Pratyusha in 2011 and he had no financial transactions with it. When he was director he had shown one of his flat as surety for securing the loan.

This article is closed for comments.
Please Email the Editor

Printable version | Jan 19, 2021 9:23:16 AM | https://www.thehindu.com/news/cities/Visakhapatnam/bank-to-hold-auction-of-properties-belonging-to-tdp-mla-ganta-srinivasa-rao-and-pratyusha-companies/article33065431.ece

Next Story