Andhra Pradesh HRD Minister Ganta Srinivasa Rao is in trouble over his bank loans.
The Indian Bank on Thursday issued possession notice of properties belonging to Pratyusha Resources and Infra Pvt Ltd for defaulting a loan of Rs 141 crore taken by the firm.
Srinivasa Rao was the managing director of Visakhapatnam-based Prathyusha Group of Companies that has interests in shipping, mining, exports and imports, aqua culture, infrastructure, real estate, power and education.
The residence in which the Minister lives along with his family in MVP Colony at Plot No 231/4 of Peda Waltair, Survey No 10 is one of the 26 properties that were to be taken in possession by the bank.
The four-storied building is registered on the name of the one of the directors of the firm Paruchuri Raja Rao and Ganta Srinivas Rao. Properties of Paruchuri Bhaskar Rao, the constituency incharge of Bhimili, represented by the Minister were also seized.
The Minister’s other properties at stake include a building in 444 square yards of land in Balayya Sastry Layout, 1,446 square yards in Gajuwaka, half-an-acre land in Anakapalle close to highway and a building in 1,355 square yards of land in Chodavaram. Bhaskara Rao’s properties include two acres of land in Anakapalle, 726 square yards and 2.712 acres in Anandapuram in Visakhapatnam city limits.
Indian Bank’s Dabagardens branch had issued a demand notice to the borrowers on the repayment of the loan on October 4, 2016 and as they failed to repay the loan bank had started taking possession of the properties from December 21 to December 26.
While Ganta Srinivasa Rao was issued notices in the capacity of a guarantor to the loan raised by to Pratyusha Resources and Infra, others in the notice are the directors of the firm.
As per the election affidavit of the 2009 assembly polls, he holds 57,99,126 shares of Prathyusha Associates Shipping Pvt. Limited of Rs 10 face value, which, as per the affidavit itself, are worth Rs 5.79 crore. Apart from this, Srinivasa Rao said in his affidavit that he has shares belonging to other companies of the group, namely Prathyusha Chemical and Fertilizers, Prathyusha Aquafoods Pvt Ltd, Prathyusha Logistics Pvt Ltd, Prathyusha Power Pvt Ltd, Parthyusha Stevecon Pvt Ltd, Prathyusha Estates Pvt Ltd and Prathyusha Infotech Limited.The Minister resigned as director in 2014 before the general elections.
