The Indian Bank, SAM branch, Hyderabad, has issued an e-auction sale notice for the immovable properties belonging to Pratyusha group of companies. The company, in which TDP MLA Ganta Srinivasa Rao was once a director, owes ₹248.03 crore to the bank.
As per the public sector bank, Pratyusha Resources and Infra Private Limited had defaulted on payment of a loan to the tune of ₹141.68 crore and the bank had issued a demand notice on October 4. 2016. The company had failed to clear the loan and after interest it has accumulated to over ₹248.03 crore, as on date.
The bank had taken the properties into possession on December 27, 2016 and on February 21, 2017.
As per the bank’s notice, the e-tender will close on November 23 by 5 p.m. and the e-auction will be held on November 25, between 12 noon and 3 p.m.
The properties to be auctioned include commercial properties belonging to Pratyusha Associates and residential and landed properties belonging to directors Ganta Srinivasa Rao, P.V. Prabhakara Rao, K.B. Subrahmanyam, Ms. Narni Amulya and that of Parachuri Bhaskara Rao.
Attached properties
Assets belonging to the companies such as Pratyusha Resources and Infra, Pratyusha Global Trade and Pratyusha Estates had been attached and put on auction.
They include an office complex in the Old Town area of Visakhapatnam and properties in Gajuwaka, Chinagadali, Rushikonda, Madhurawada, Anandapuram, Balayya Sastry Layout, East Godavari, Anakapalli, Kakinada and in Tamil Nadu.
The auction will be done by MSTC (Metal Scrap Trade Corporation). For details visit: www.mstcecommerce.com
On the auction, Mr. Ganta Srinivasa Rao had earlier said that he had stepped down as a director of the company a few years ago and only one of his properties had been attached for auction.
According to Mr. Ganta, he had resigned as a director of Pratyusha in 2011 and had no financial transactions with it. When he was a director he had shown one of his flats as surety for securing the loan.
According to bank officials, the auction was supposed to be held earlier this year, but had to be postponed due to the COVID-19 pandemic.
