Employees of about 18 banks on Monday staged a silent demonstration opposite the corporate office of Progressive Constructions demanding the payment of all loans immediately. The Company is owned by the daughter of a senior most politician of the state Kavuri Sambasiva Rao, who represented Eluru Lok Sabha constituency five times. Protesting the bifurcation decision of the state by Congress, KS Rao, as he called in short, left Congress and joined BJP. The Progressive Constructions is located in Chirag Ali Lane , Abids, Hyderabad.
The employees said the Progressive Constructions defaulted on a loan of about Rs 1000 crore to all the banks. Rao’s daughter Sri Vani is the Managing director of the company. The employees staged sit-in with placards. According the striking employees, Rao owed about Rs 200 crore the Sultan Bazar Branch of Andhra Bank.
Because Sri Vani is the daughter of a political heavy weight, employees resorted to respectable form of silent protest rather than sending recovery agencies or bouncers to harass the defaulter as they do in the case of farmers and middle class borrowers. The harassment by bankers is said have forced many farmers to take their lives by consuming pesticides in many cases.
