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Transstroy property attached
A nationalised bank with headquarters here slapped a notice attaching the immovable properties of key officials of the Transstroy India Ltd on Thursday for the recovery of debt to the tune of Rs 433.89 crore.
RECOVERY OF DEBT
Company embroiled in controversy over its ability to execute Polavaram project
Hyderabad: A nationalised bank with headquarters here slapped a notice attaching the immovable properties of key officials of the Transstroy India Ltd on Thursday for the recovery of debt to the tune of Rs 433.89 crore. The company has been in the thick of controversy following doubts expressed over its financial capacity to execute the massive Polavaram project.
The YSRCP has accused the State government of favouring the company for extraneous considerations. The Left parties have upped their ante against the project on account of submergence of tribal areas in East Godavari and West Godavari districts and elsewhere.
According to information available with the State Water Resources Department officials, the notice for attaching properties of five key officials of Transstroy located in Jubilee Hills, Hakimpet village and a commercial building in Shaikpet has been issued against the recovery of the dues.
The company was earlier served with a notice asking it to clear the debt within two months. As the company had failed to do so, the bank has slapped the notice under provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interests Act 2002 and Security Interest (Enforcement) Rules of 2002.
On the attachment, a senior engineer from the Irrigation Department pointed out that Transstroy could be a political issue for some. As for the execution of the Polavaram project, the State government had taken all necessary precautions to ensure that the liabilities of the construction company would not in any way affect the implementation of the project.
The source said: “Transstroy is the executing agency of the project. But, for all practical purposes, two prominent companies, which are financially sound, have been roped in and they are executing the project works.” That apart, the bills paid towards the completed works would go into an escrow account created for the purpose. The companies executing the works would be getting the payments. In view of these safeguards, the project works were going on as per the schedule, the source added.
By VRC Phaniharan
