Ganta Srinivasa Rao (file photo)
Hyderabad High Court today issued a notice to AP Education minister Ganta Srinivasa Rao and 15 others on a petition, which alleged that the Minister and his company- Pratyusha Resources (formerly Prathyusha Associates) had availed loans by pledging government lands. Visakhapatnam resident Mr. Saladi Ajay Babu had filed a petition in the court last week. The petitioner alleged that Ganta Srinivasa Rao and other promoters of the company had mortgaged the government lands in Survey No.122/9, 122/10, 122/11 and 122/12, situated in Vemulavalasa Village, Anandhapuram Mandal, Visakhapatnam District, Andhra Pradesh. And obtained a loan of Rs.141,68,07,548 from Chennai based Indian Bank. The Bank has now issued a public notice warning the general public not to deal with said lands which are pledge to it, as the Promoters of the company had failed to repay the loan.
The petitioner also sought directions from the court to the bank officials to forthwith stop the auction of the land. The petitioner made Ganta Srinivasa Rao, Prathyusha Resources and Infra (Private) Limited, its directors Paruchuri Raja Rao, Paruchuri Venkaiah Prabhakara Rao, Paruchuri Venkata Bhaskara Rao, Mr. Kondaiah Bala Subramanyam, Smt. Narni Amulya, M/s. Prathyusha Estates Private Limited, M/s. Prathyusha Global Trade Private Limited as respondents in the petition. The judge had issued a notice to all the respondents including the Bank and Govt officials after hearing the petition.
Published on 7th March 2017