AP education Minister Ganta Srinivasa Rao’s assets were recovered by the Indian bank as he could not repay the huge loans that he aviled from the bank. With this the Bank has listed Mr.Rao as defaulter and issued notices and paper statements that the property of Rao would be seized and recovered. Inspite of sending many notices to Ganta Srinivasa Rao, there was no response from his side said the bank officials. With this the property put as guarantee while taking loan was recovered said the bank officials.
Prathyusha resources and infra PVT.Ltd. located in Vizag under the companies act on August 18th,2005. This company mainly focuses on manufacturing and machinery equipments. This company was set up with an authorized capital of Rs.500 crore, Rs.240.671 crore paid up capital.
According to sources, Ministers cousin Parachuri Bhaskar Rao along with his brothers Raja Rao, Venkaiah Prabhakar Rao are acting as active directors. In order to expand the company’s operations Minister Ganta Srinivas rao has taken loan of Rs. 141,68, 07,584. According to bank sources the company has not repaid a single installment. With this the addition of interest,was calculated by the bank officials as Rs. 196,51,00,717.
Bank officials sent a notice to the company on October 4th where it learnt no response from the directors of the company. After recieving the notices also the company failed to pay the loan. With this Bank has recovered the properties and assets of Ganta Srinivasa Rao and his cousins. From December 21st to 26th these properties were recovered said the bank officials.
Along with Vizag company, properties from various places like Gajuwaka, Chinagadhili, Rishikonda, Madhurawada, Anandapuram, Anakapalli and Kakinada were recovered by the Indian bank officials. No transactions should be made on the recovered properties said the bank officials.
