TD MLA Ganta Srinivasa's Vizag properties to come under the hammer, for defaulting bank Rs 208 Cr

By Newsmeter Network  Published on  18 Nov 2019 11:35 AM GMT
TD MLA Ganta Srinivasas Vizag properties to come under the hammer, for defaulting  bank Rs 208 Cr

Visakhpatnam: In another jolt to TDP leader and Vizag North MLA Ganta Srinivasa Rao, Indian Bank has issued him an auction notice. The bank informed the TDP MLA of the plan to auction his immovable property in the name of Pratyusha Resources and Infra, and other related companies.

On Monday, the bank, in its notice, mentioned that Pratyusha Resources and Infra (Pvt) Ltd borrowed vast amounts of money and failed to repay it even after the due date. The allegations were made against Ganta while he was the HRD Minister in the previous government, but there was not much pressure on him owing to his position. The bank listed the company was listed in the non-performing assets (NPA) alongside many other firms and companies.

The notices were issued to Pratyusha Resources and Infra, P Raja Rao representing Pratyusha Resources and Infra, Chennai; PV Prabhakar Rao, PV Bhaskara Rao, Ganta Srinivasa Rao, KB Subrahmanyam, and Kumari Narne Amulya representing Visakhapatnam; Pratyusha Estates and Pratyusha Global Trade. The bank issued notices under Securitization and Reconstruction of Financial Estates and Enforcement of Security Interest Act

Since there was no response to the bank’s demand notice to the borrowers, Indian Bank authorities seized properties on December 27, 2016, and February 12, 2017. The total outstanding due including the interest component is Rs 208.69 crore.

The officials decided to auction the properties on November 7, this year. A publication of the notice said tenders would be accepted online from November 18 to December 17 and the bids would be opened on December 20. Interested persons could check the documents of the properties from December 10 to December 13.

The public notice said five properties in Visakhapatnam were earmarked for auction, one each in Rangareddy district of Telangana and Kancheepuram in Tamil Nadu, and two properties in East Godavari.

Ganta Srinivasa Rao and his associates were not available for comment.

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