Visakhapatnam, December 30

Indian Bank authorities have recovered several properties of Human Resources Minister of Andhra Pradesh Ganta Srinivasa Rao as he stood guarantor for a company, which defaulted on the loan it took from the bank.

Pratyusha company took loan from Indian Bank branch at Daba gardens Sarada street. Paruchuri Rajarao, Venkaiah Prabhakar Rao and Venkata Bhaskar Rao are the directors and Ganta Srinivasa Rao, Kondaiah Balasubrahmanyam and Narni Amulya are the guarantors for the company.

indian bank

Indian Bank recently published a notice that the company has defaulted on the loan taken by the company and it has to pay Rs 200 crores by December 13. The bank issued several demand notices to repay the loan along with the interest. As there was no response, consequently the bank issued notices to confiscate its attacked properties of the firm and the guarantors.

Around 26 properties including five properties belonging to Ganta and three properties of Parachuri Bhaskara Rao, director of Pratyusha, were attached by the Indian Bank between December 21 and 26. These include Ganta’s house, party office and other properties.

Responding over the property recovery, Minister Ganta said he presently has no links with Pratyusha Company but added that he had acted as a guarantor for the loan taken by the company. “I will discuss the issue with the directors of the company and sort out the issue,” he said.

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