In an utter shock to the Telugu Desam Leader and MLA Ganta Srinivasa Rao, Indian Bank on Wednesday has issued a notification for the e-auction of properties as the former minister failed to re-pay the loans to the tune of Rs 248.03 crores till date.
In the line of the notices issued, properties registered in the name of Pratyusha Resources and Infra and other directors of the company in a loan default case. The bank has invited tenders, which will be received up to November 23 and will be opened on November 25th.
It was learnt that the bank has issued first e-auction notice with the Pratyusha company failed to re-pay the payment of the total outstanding amount on November 7, 2019 but was postponed with the directors convincing to clear the debts.
According to the recent notices issued, properties belonging to all the directors of the company Srinivasa Rao and PV Prabhakara Rao, KB Subrahmanyam, Narni Amulya and Parachuri Bhaskara Rao in affliction with Pratyusha Resources and Infra, Pratyusha Global Trade and Pratyusha Estates were put up for auction.
Ganta, on the other hand, claimed that he had resigned as a director of the company in 2011 and had no involvement in the company’s financial dealings ever since. Srinivas’ Flat built on 444 square yards in plot number A/12 under survey number 20 (p) in BS Layout belonging to Srinivasa Rao is already under auction.