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Vizag MLA G Srinivasa Rao’s properties put under auction

Visakhapatnam | Updated on November 18, 2019 Published on November 18, 2019

Pratyusha Resources and Infra Private Limited defaulted on the payment of a loan to the extent of ₹1.41.68 crore

The properties of G Srinivasa Rao, Telugu Desam Party MLA from Visakhapatnam (North) constituency and former HRD Minister, have been put on auction by Indian Bank which issued a notification on Monday in newspapers. The properties of other directors of Pratyusha Resources and Infra Private Limited, in which the MLA had served as the director in the past, have also been put on auction.

According to the notification, Pratyusha Resources and Infra Private Limited defaulted on the payment of a loan to the extent of ₹1.41.68 crore and the bank had issued a demand notice on October 4 2016. Despite the demand notice, the company did not clear the loan including interest, accumulating to over ₹208.68 crore as on November 7.

Indian Bank has finally served a tender and auction notice which will be open till December 17.

The 26 properties, attached

include office complex in the Old Town area of Visakhapatnam, and properties in Gajuwaka, Chinagadali, Rushikonda, Madhurawada, Anandapuram, Anakapalli, Kakinada and in Tamil Nadu. The properties will be placed for sale on December 20 through e-auction mode.

Published on November 18, 2019
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