The Indian Bank which issued seizure notices against HRD Minister Ganta Srinivas Rao’s properties may not be able to recover all the loan and interest amount owed to it.
Ganta’s Pratyusha company, according to the bank notice, failed to pay back Rs 196 crore. While the bank seized as many as 26 properties belonging to Ganta, reports say that these properties may not yield more than Rs 100 crore in the auction.
Also Read: Ganta’s properties confiscated
The demonetisation too will have a negative effect on sale of properties.
Meanwhile, Ganta Srinivasa Rao admitted that Pratyusha Resources and Infra Pvt Ltd defaulted on loans, but he said he has not been active in the company since 2007. However, he would speak to other directors and try to sort out the issue.
Given that Ganta is an influential politician in the ruling party, the bank officials apparently dealt with the issue in low key manner. However, since it is mandatory to issue public notice in papers, the issue tumbled out into public domain.
