Former minister and Visakhapatnam North MLA Ganta Srinivasa Rao’s assets are set to be auctioned by Indian Bank in connection with loan evasion. The bank has issued an auction advertisement on the newspapers on Wednesday and also the details of the assets.
Going into the details of loan evasion, Ganta is one of the supporters of Pratyusha Company. This firm has lent loan from Indian Bank which tunes up to Rs 141.68 crore. However, the company did not pay any sort of loan amount return. After several notices and warnings, finally Indian Bank has seized the assets of Ganta and seven directors of Pratyusha company.
Ganta owns a plot in Balayya Sastri Layout and this plot is included in the auction list. From April 11th to 15th, the buyers can bid for the auction. The Indian Bank will host e-auction and whoever quotes the maximum price, will be able to bag it.
In fact the seizure of Ganta assets was done long back. Despite that Ganta remained absolutely silent till date. We have to see if he does anything to stop this auction by Indian Bank.
