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Banks to auction buildings of Keshava Schools
Bankers have set the stage for auction of buildings housing Keshava Reddy Schools for recovering the loans taken by the institution. They have announced that this is being done to recover loans which are pending since two years, after several notices issued by them have failed to yield results.
Kurnool: Bankers have set the stage for auction of buildings housing Keshava Reddy Schools for recovering the loans taken by the institution. They have announced that this is being done to recover loans which are pending since two years, after several notices issued by them have failed to yield results.
- The teachers’ organisations have appealed to the TDP government to take steps for securing the deposits and ensure that the students don’t face any hardship
The banks maintain that if any balance is left after crediting the due loan amounts it would be refunded, as per court orders. Chief Manager of Canara Bank Prabhakar told The Hans India that the assets of Keshava Reddy Schools would be taken over as per law. Action by the banks comes at a time even as the State government has transferred students of Keshava Reddy Schools to Sri Chaitanya educational institutions.
It has declared that the Sri Chaitanya Schools will have nothing to do with the group accounts, buildings and loans of Keshava Reddy. This stand of the government is causing confusion, as there is no word about the fate of the schools and whether they will continue in the next academic year. Also there is no clarity on the fate of deposits collected by Keshava Reddy from students.
Teachers are facing a dilemma about their future. They are unsure whether Sri Chaitanya will continue them or pay them. The teachers’ organisations have appealed to the TDP government to take steps for securing the deposits and ensure that the students don’t face any hardship.
However, the Telangana government has not taken any decision on the fate of the group in the State, at a time when CID inquiry against Keshava Reddy is on. Reddy collected Rs 547 crore as deposits from 11,000 students in two Telugu States for providing free education ranging from Rs 1 lakh to Rs 3 lakh.
He also took loans from 800 private persons, besides Rs 62 crore, after pledging the group’s school buildings to various banks. The depositors had approached courts after Reddy failed to refunds deposits and loans, after declaring that he would do so even by selling his properties. But his attempts failed, after the real estate boom crashed. Reddy waited for a year in the hope that it would be revived.
The Kurnool CCS police had arrested him following complaints lodged by the affected depositors and creditors under Sections 420, 403, 109 and 149. He is lodged in Kurnool sub-jail, after being arrested on September 10, 2015.
