Visakhapatnam

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

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Pratyusha Resources and Infra Private Limited had defaulted the payment of a loan to the tune of ₹141.68 crores.

In a big setback to Telugu Desam Party MLA from Visakhapatnam (North) constituency Ganta Srinivasa Rao, Indian Bank has published a notification announcing the auctioning of his properties and the other directors of Pratyusha Resources and Infra Private Limited, in which the MLA had served as director.

As per the notification published by the public sector bank, Pratyusha Resources and Infra Private Limited had defaulted the payment of a loan to the tune of ₹141.68 crores and the bank had issued a demand notice on October 4. 2016.

Despite the demand notice, the company did not clear the loan and after interest it has accumulated to over ₹208.68 crores, as on November 7. Indian Bank has finally served a tender cum auction notice and it will be open from Monday to December 17.

It is learnt that about 26 properties including properties belonging to Ganta Srinivasa Rao and that of Parachuri Bhaskara Rao, director of Pratyusha, were attached by the Indian Bank.

The properties attached include office complex in the Old Town area of Visakhapatnam, and properties in Gajuwaka, Chinagadali, Rushikonda, Madhurawada, Anandapuram, Anakapalli, Kakinada and in Tamil Nadu.

The properties will be placed for sale on December 20, through e-auction mode.

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Printable version | Jan 25, 2020 11:30:06 AM | https://www.thehindu.com/news/cities/Visakhapatnam/bank-to-hold-auction-of-properties-belonging-to-tdp-mla-ganta-srinivasa-rao/article30006077.ece

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