Bank to seize Ganta’s properties

​Visakhapatnam: The high-profile Minister for HRD, Ganta Srinivasa Rao stands to lose his properties if the company to which he stood as guarantor failed to the repay the loan taken from Indian Bank.

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.

Incidentally, 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 has been mentioned in 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 Prachyuri 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.

The Prathyusha firm had defaulted on open cash credit (OCC) account amounts, working capital term loan, funded interest term loan and also defaulted guarantee accounts.

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.

The Minister said he had no links with Pratyusha firm as he resigned as director in 2014 before the general elections.