Telangana News

Minister Ghanta Srinivasa Rao stands to lose his properties, if the company to which he stood as guarantor failed to repay the bank loan. 

Reportedly, Pratyusha Resources and Infra Pvt Ltd was issued a notice by Indian bank, for defaulting a loan of Rs. 141 crores. Incidentally, the minister’s residence address has been mentioned in the 26 properties that were to be taken in possession..  

The four-storied building is registered in the name of the one of the directors of the firm Paruchuri Raja Rao and Ganta Srinivas Rao. Properties of Paruchuri, the constituency in charge of  Bhimili, represented by the Minister were also seized.

Earlier, on October 4th, 2016, the bank had issued a demand notice to the borrowers on the repayment of the loan. But as they failed in doing it, the bank had started taking possession of the properties from December 21st to December 26th.

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. Meanwhile, Ghanta said that he had no links with Pratyusha firm as he resigned as director in 2014 before the general elections