Andhra Pradesh: Indian Bank to auction Ganta Srinivas Rao's assets on November 25

Ganta Srinivas Rao
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Ganta Srinivas Rao

Highlights

Former minister and TDP MLA Ganta Srinivas Rao's name has yet again come to the fore in the Indian Bank loan evasion case.

Former minister and TDP MLA Ganta Srinivas Rao's name has yet again come to the fore in the Indian Bank loan evasion case. The loan he once took for Pratyusha Company was reached to Rs 248.03 crore including interest. The bank management has taken steps to recover the arrears after the company's directors have been neglecting it. The bank is all set to auction the bank-guaranteed assets in various parts of the city, including Visakhapatnam, on May 25. The e-auction sale notice was issued by Indian Bank SAM (SAM) branch in Hyderabad.

Pratyusha Resources & Infra owes Rs 141.68 crore in the past. Bank of India first issued notices on October 4, 2016 to pay this. But the company could not pay the debts by which, the balance, including subsequent interest, stood at Rs 248.03 crore (Rs 248,03,85,547). The bank has decided to auction off the assets of the Pratyusha Group, which has been pledged for the loan. In its notice, Indian Bank has named Ganta Srinivasa Rao, PV Prabhakara Rao, PV Bhaskara Rao, Narni Amulya, P Rajarao, KB Subramaniam, Pratyusha Resources and Infra and Pratyusha Global Trade Limited as responsible for the repayment of the loans. Ganta Srinivasa Rao had earlier claimed that he had resigned as a director of the company in 2011 and that he had nothing to do with the company's financial dealings. The list of assets to be auctioned also includes his assets.

Here are the Assets to be auctioned.

● Commercial Building named 'Pratyusha Associates' on Ganguly Street in the city (with a reserve value of Rs.154.72 lakhs).

● Flat at Triveni Towers in Balaiah Shastri Layout, Visakhapatnam named after Ganta Srinivasa Rao and another flat named after P. Rajarao covering an area of 444 square yards (valued at Rs. 150.75 lakhs).

● 503.53 square yards of land named after KB Subrahmanium at Rushikonda village under Endada Revenue Village (with a reserve value of Rs. 171.21 lakhs).

● Property in Sreesanth Complex, First Line, Dwaraka Nagar, Named 'Pratyusha Associates' (Reserve Value Rs. 94.19 Lakhs).

● 6,000 square yards of land (Rs. 240 lakhs) in Sholinga Nallur in Kanchipuram district of Tamil Nadu under the name of PV Bhaskara Rao

● Pratyusha Associates Shipping has a 1101 sq ft property (Rs. 308.46 lakhs) in Sambamurtinagar, Kakinada, East Godavari District, and another 333.33 sq. Yards of property there (Rs. 66.67 lakhs).

● 4.61 acres of land in the name of PV Bhaskara Rao in Anandapuram mandal Vemulavalasa (Rs. 2103.07 lakhs).

● Flat of Pratyusha Resources and Infra in Lanco Hills, Manikonda, Hyderabad (Rs. 247.69 lakhs)

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