Indian Bank has moved a step closer to auction the assets of former minister and TDP MLA Ganta Srinivas Rao.
The bank will be auctioning some of the assets of Ganta Srinivas Rao to recover total outstanding dues, including interest. Ganta Srinivas Rao’s Pratyusha Company owes Indian Bank Rs 248 crore, including interest. The bank has decided to auction assets in Hyderabad and Visakhapatnam on November 25 via e-auction. The bank is likely to auction six properties in Visakhapatnam, Rangareddy district, East Godavari, and Kancheepuram in Tamil Nadu. The Indian Bank first-served notices in 2016 to clear the dues, but Pratyusha Company could not meet the deadline to clear the outstanding.
The bank has served notices to auction properties of Pratyusha Resources and Infra, P Raja Rao, representing Pratyusha Resources and Infra, P V Bhaskara Rao, Ganta Srinivasa Rao, and KB Subrahmanyam. The notices were served under the Securitization and Reconstruction of Financial Estates and Enforcement of Security Interest Act.
Ganta Srinivasa Rao had stepped down as director of the company a few years ago. One of his properties has been already attached.
Ganta Srinivas Rao is making attempts to jump the TDP ship to sail with the YSRCP. However, Ganta’s entry into the YSRCP was being blocked by Rajya Sabha MP Vijaysai Reddy and tourism minister Avanthi Srinivas. The three leaders have locked horns over several issues, including corruption charges and the arrest of TDP leaders by the Andhra Pradesh government. Avanti at one point even commented that Ganta will be the next in line to be arrested after TDP leader Atchannaidu and a host of other TDP leaders.
Good job by the bank.