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Kavuri Sambasiva Rao owned PCL to face legal charges?
Kavuri Sambasiva Rao Owned PCL to Face Legal Charges. State Bank of India has been reportedly planning to collect dues from Progressive Constructions Ltd (PCL), the company owned by Union Minister and senior Congress Party Leader, Kavuri Samba Siva Rao.
Hyderabad: State Bank of India has been reportedly planning to collect dues from Progressive Constructions Ltd (PCL), the company owned by Union Minister and senior Congress Party Leader, Kavuri Samba Siva Rao. The company managed by Kavuri’s daughter Srivani has been indebted a loan amount of Rs 350cr to various banks including State Bank of India.
The company has failed to repay the debt amount of Rs 70cr to SBI in the year 2011-12. Due to this the company has been considered as Non-Performing Asset (NPA). The company debts include: Rs 149cr to Andhra Bank; Rs. 47cr to Corporation Bank, RS 42cr Allahabad Bank, according to All India Bank Employees Association (AIBEA). The society has informed that the details have been obtained from various banks.
AIBEA General Secretary CH Venkatachalam told media that the matter will be taken to Election Commission (EC). He said that for last few years, the company has obtained loans from various sources with the political influence.
According to a senior executive of SBI, the bank will go to any extent to recover the loan amount from the company. It is evident that the clients who fail to repay the amount as per the schedule have to be considered as the defaulters and as per the guidelines of RBI a strict action is required to be initiated against such defaulters. It is worth mentioning here that Kavuri holds Rs 1.29 cr shares in PCL. The same entails to 41% share of the total value of PCL shares.
