Indian Bank Vizag Branch Seizes Ganta Srinivas’s Property

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Indian Bank Vizag Branch Seizes Ganta Srinivas’s Property

The Andhra Pradesh Human Resources Development Minister Ganta Srinivasa Rao’s property was seized by a bank. The Vizag branch for the Indian Bank seized his property in a major loan recovery operation. Pratyusha Resources & Infra Ltd. had taken a loan for a number of Rs. 141 Crores and the HRD Minister was a guarantor. When the company first launched he was one of the directors of the company along with his close family members in the year 2005. The five others were Paruchuri Venkata Bhaskara Rao, Raja Rao, Venkaiah Prabhakar Rao, Kondaiah, Balasubramanyam and Narne Amulya.

In order to expand the company, it raised a loan for a number of Rs. 141.68 Crores towards the company’s expansion. As security toward the loan Ganta’s properties as well as those of other directors stood as security for the loan amount. However after taking the loan amount the company did not expand into any major business. The state government project was also cancelled because of some reason. It is said that the company did not even pay a single instalment towards the due amount. So the loan increased to Rs. 196 Crores. There were no responses from the company after the bank also issued notices to the company as well as the loan guarantors.

Finally, in the third week of December 2016, the Indian Bank Vizag Branch seized the loan guarantor’s properties. Thus the Andhra Pradesh State Human Resources Development Minister Ganta Srinivasa Rao’s property was seized by the Indian Bank. The AP HRD Minister also spoke to the Sakshi and said that he was only the guarantor and not the loan defaulter. He also said that he would try to convince the directors of the company to repay their due amount loan.

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