In a big shock to Telugu Desam Party MLA and former minister Ganta Srinivasa Rao, public sector Indian Bank on Monday announced auctioning of properties belonging to his company Pratyusha Resources and Infra Pvt. Ltd., which had defaulted loans to the extent of Rs 209 crore.
The news follows realtor and industrialist Lingamaneni Ramesh declaring insolvency of his company Lingamaneni Estates Private Limited, as he has become bankrupt and is not in a position to pay back loans to his lendors.
According to reports, Indian Bank has served notices on Ganta stating that it would auction the properties of Pratyusha Infra on December 20.
While the loan outstanding of the company was Rs 209 crore, the value of properties pledged with the bank was around Rs 35.35 crore, the notices said.
In December, Indian Bank had attached the assets of Pratyusha Infra of which Ganta Srinivasa Rao and others were directors.
Ganta stood as surety for the company to obtain loan to the extent of Rs 141.69 crore and along with interest, the loan outstanding mounted to Rs 209 crore at present. The company had defaulted in payment of dues to the Indian Bank.
As many as 26 properties including five properties belonging to Ganta Srinivasa Rao and three properties of Parachuri Bhaskara Rao, director of Pratyusha, were attached by the Indian Bank.
The seized assets are at various places in Visakhapatnam including at Gajuwaka, Chinagadali, Rushikonda, Madhurawada, Anandapuram, Anakapalli and Kakinada in between December 21 to 26.
The Pratyusha Resources and Infra Private Limited was registered under companies Act on August 18, 2005, with its registered address at Visakhapatnam.
Venkayya Prabhakara Rao Paruchuri, Raja Rao Parachuri are the active directors of the company who are incidentally very close relative of Ganta Srinivasa Rao.
