Tolivelugu, Crime Bureau: With the ruckus that is going on in the state, one could undeniably say that the foundations of Phoenix are shaking with uncertainty. Land encroachment activities, irregularities in the company’s reports are often published on Tolivelugu’s news portals with pieces of evidence. It looks like the company isn’t ready to handle things anymore. We can see Phoenix taking off their giant billboards about the company’s upcoming projects that were roofing the streets and roads of Telangana for six months. Also, there were big advertisements for Phoenix with beautiful quotations that are also taken down.
These ads started disappearing with every in-detail story published exclusively by Tolivelugu’s crime bureau. These back-to-back publications of the news with full credentials increased the pressure on Phoenix from the political leaders who are allied with the authorities. For the past six months, they have been running fake businesses without their actual names, wondering who would care about the legitimacy of the project. Ever since the beginning of the 2008 Padmalaya lands issue, Phoenix has grown multi-folds doing similar scams from time to time.
Megadeals with Gopikrishna after Chukkapalli stepped down
In November 2017, Chukkapalli Suresh was appointed Honorary Consul General of Korea to Telangana. Since then, the chairmanship has been vacated and the entire empire has been handed over to Managing Director Gopikrishna. The number of Benami directors has increased since he came. All those who have been dealing with the small litigation lands until then started seizing lands with files pending with the government in large-scale prime locations in 2017. The litigation files of lands where construction cannot take place have been placed before the government unless special GOs were brought.
While the government officials were also secretly getting benefitted from these changes, they didn’t deny any of the applications that came through Phoenix, with this going on, the number of regions eventually increased from three to fifteen.
Are they in debt? or are they escaping?
Phoenix has been involved in 12 projects in the last four years since all the lands they acquired are in litigation making them low-cost lands to acquire, and the projects are worth thousands of crores. Considering the size of these projects, it is believed that Phoenix is currently facing various financial difficulties. Failure to clear the bank loans they have taken, or lack of proper accounts and auditing maintenance must have caused these problems. It could be understood that due to the COVID situation, they might have had a huge break in completing the projects.
Since every project is a commercial space, leasing and selling do not seem to be easy and quick tasks. In addition, the Phoenix Company is said to have suffered financial difficulties due to pressure from political leaders to give unsolicited guarantees. That is why efforts are now put to shift Gopikrishna to the house on Banjara Hills Road No.2. On the other hand, experts are saying that making money on cemeteries is not a good thing, and Gopikrishna is facing those consequences after 7 years of that project in Hyderabad.
Srinidhi Estate sidelines Phoenix. Who are they?
About 60 companies were formed under the name Phoenix. Projects are being built by hiring new directors among them. However, Phoenix is now adopting a different route. The company’s name itself is being abandoned. The management is opening new companies with the same directors. Kolla Umanja Venkata Satya Siva Srihari, who is the MD of Srinidhi Estate Company, is now moved to Phoenix Company. Even though the brand’s name is Phoenix, with Tolivelugu’s extensive Crime Bureau investigation happening at a great pace, the company is taking down its boards and people are not showing interest to join Phoenix as directors.
To face this, Phoenix is now launching its new projects under the name of the latest Evermark SEZ Developers. However, as per the sources, it seems that there are differences among the directors. Bogi Sridhar Rao and Srikanth Budige are in the process of launching their new ventures.
