Monday, December 14, 2015
Progressive Constructions company belonging to Sri Vani daughter of former Union Minister Kavuri Sambasivarao is due to pay Rs.1,000 crore to 18 banks.
The bank managers and AGMs have staged a silent protest at the office situated in the 7th floor of Raghava Ratna Towers at Chiragalilane at Abids on Monday holding placards before the company demanding payment of their dues. The protest went on for over two hours. The company availed loans amounting to hundreds of crores from 18 prominent banks and failed to repay dues for the last four years.
Sources said that the company is due over Rs.200 to only Andhra Bank and the rest is to 17 banks. The officials said that the company failed to respond to the notices issued and were forced to stage a silent protest seeking recovery of the money due to them.