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Nagarjuna's Annapurna Studios under Bank threat?
Nagarjuna\'s Annapurna Studios under Bank threat? The Andhra Bank and Indian Bank has allegedly issued a public notice on the gates of Annapurna studio in Jubilee Hills owned by the legendry ANR family with actor Nagarjuna as its Managing Director.
The Andhra Bank and Indian Bank has allegedly issued a public notice on the gates of Annapurna studio in Jubilee Hills owned by the legendry ANR family with actor Nagarjuna as its Managing Director.
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The property measuring 7.25 acres (on the back of the studio (downstream of Annapurna studios) has been issued notice for non repayment of loan of Rs. 62 crore - Andhra Bank (Rs. 32.3 crores) and Indian Bank (Rs. 29.7 crores). “We hereby are declaring that this property measuring 7 acres and 25 guntas has been seized by the banks, effective from 20 March 2015," the Bank notice cautioned third party buyers from entering into a business transaction until further notice.
The notice issued on Saturday last was signed by authorities of both the banks and said that the Nagarjuna family had not responded to earlier noticed issued on January 2, 2014 for repayment of the loans. The notices were issued to Nagarjuna, Venkat Akkineni, Supriya, Y Surendra, Naga Suseela, and Venkat Roddam to repay loans with interest but there was no response, say bank authorities.
Actor Nagarjuna has denied reports that banks seized 7 Acre Studio in Jubilee Hills, though it is common knowledge that he was deeply in debt. Actor Nagarjuna was in news recently for land encroachments into a nearby lake in his N-convention center at Hi-tech City. The family is going through a tough time ever since the death of ANR and various land issues cropping up.
The sources close to the actor said that the bank authorities have neither seized nor sealed the studio. "All film shootings and other activities are continuing as usual at the main studio. The seven Acre Studio is an extended facility of Annapurna Studio (on the down level approachable from other side of Annapurna studio), founded by Nagarjuna's father and legendary actor Akkineni Nageswara Rao in the 1970s.
Nagarjuna, who is the managing director of Annapurna Studio, and other officials were negotiating with the banks; hoping for an amicable settlement within a week. Akkineni family reportedly owes Rs 32.3 crore to Andhra Bank and Rs 29.7 crore to Indian Bank. The banks asked the family to clear the dues, failing which they will seize the studio. The ANR family had made an investment of Rs 100 crore in new facilities including state-of-the-art climate-controlled movie production studios. They aided Rs 70 crore as loans from a consortium of banks and invested about Rs 25 crore of their own funds.
