It has been reported that the Indian Bank officials have given notice to Ganta Srinivas Rao that his properties will be auctioned on December 20 in Vizag, which are worth Rs. 35 crore.
Compared to the loans taken by Ganta that is very less. He has taken almost Rs 209 crore loan in the name of Pratyusha Resources and Infra Projects Pvt Ltd.
To recover the amount, officials of the bank are in the process of identifying Ganta's other properties. A prime plot owned by Ganta located in Vizag North will also be auctioned. Earlier, Ganta faced allegations of using government lands as security to get loans from the banks.
After the TDP party losing the elections merely to TSR Congress with winning only 23 seats, Ganta has become silent in the politics. He won the MLA seat from the North Vizag constituency. His recent meeting with BJP leaders resulted in rumors that he might join the saffron party soon.
Not only that, he did not attend the Long March staged by Janasena chief Pawan Kalyan, in spite of Chandrababuâ€™s assurance that his leaders will join the protest. Once he takes his further decision, we might get clarity on this.