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Nagarjuna not open to out of court settlement

Nagarjuna not open to out of court settlement
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Actor Akkineni Nagarjuna’s Annapurna Studios has been seized by banks after the actor defaulting on loans worth Rs 62 crore. Despite timely notices, the actor, who is the managing director of the studios, failed the clear the dues. Annapurna Studios is spread over 7.25 acres in Jubilee Hills.

Actor Akkineni Nagarjuna’s Annapurna Studios has been seized by banks after the actor defaulting on loans worth Rs 62 crore. Despite timely notices, the actor, who is the managing director of the studios, failed the clear the dues. Annapurna Studios is spread over 7.25 acres in Jubilee Hills.

According to the banks, the Akkineni family owes Rs 32.3 crore to Andhra Bank and Rs 29.7 crore to the Indian Bank. Notices were issued to Nagarjuna, Venkat Akkineni, Supriya, Y Surendra, Naga Suseela, and Venkat Roddam on January 2, 2014 to repay the loan and the interest. The banks noted that there was no response to it.

Entrance of Annapurna Studios (inset) Akkineni Nagarjuna

Both Andhra Bank and Indian Bank jointly signed and issued a public notice on Saturday that the studio was seized with effective from March 20, 2015 and cautioned third parties from entering into a business transaction over the property until further notice. The studio was established in 1955 and is popular for film and song shootings. It is reported that Nagarjuna and his family are disinterested in negotiating with banks and settle the issue out of court. Last year, Nagarjuna’s N-Convention Centre ran into trouble after the GHMC alleged that the actor encroached 1.12 acre Tammidi Kunta Cheruvu in Madhapur.

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