Visakhapatnam, Nov.18 (Maxim News): Former minister Ganta Srinivasa Rao’s properties have been put on auction on Monday, by the Indian Bank at Visakhapatnam for default of loans to a tune of more than Rs 200 crore.
According to the information, the former minister, who is considered a close aide of TDP Chief N Chandrababu Naidu, had defaulted a loan amount of Pratyusha Resources and Infra Private Ltd. Bank officials said Ganta stood as guarantor for the company, which defaulted to repay the loan of Rs 200 crore. The auction process was initiated by Indian Bank, Daba Gardens branch at Visakhapatnam.
An apartment belonging to Ganta Srinivasa Rao at Balayya Sastry Layout which was built on 444 yards in the Visakha North constituency, along with properties of nine other directors of Pratyusha Resources Infra were put up for auction. A notification was issued in newspapers saying the auction will be held on December 20. (Maxim News)