High Court serves notice to Ganta Srinivasa Rao in loan case

Tuesday, March 7, 2017

A Division Bench of Hyderabad High Court comprising Acting Chief Justice Ramesh Ranganathan and Justice Shameem Akther on Tuesday ordered notices to AP HRD Minister Ganta Srinivasa Rao, directors of Prathyusha Resources Infra Private Limited and the officers of Indian Bank seeking their response on a PIL complaining of fudging of documents regarding bank loan.

The Division Bench was dealing with a Public Interest Litigation petition filed by S.Ajay Babu, a resident of Gajuwaka. He said that the government lands in Vemulavalasa village in Anandapuram mandal of Visakhapatnam district were shown as belonging to the company and a loan of Rs.141 crore was obtained for which Ganta Srinivasa Rao stood as a guarantor. As the company failed to repay the loan amount, the bank wants to auction the lands. The petitioner wanted the government lands to be protected.

The Division Bench has ordered the guarantor Ganta Srinivasa Rao, directors of the company Parachoori Raja Rao, Parachoori Prabhakar Rao, Parachoori Venkata Bhaskara Rao and its representatives Kondaiah, Balasubrahmanyam, Pratyusha Estates Private Limited, Prathyusha Global Trade Private Limited. and also Principal Secretaries, District Collector, Police Commissioner to submit their counters and posted the case by three weeks.

It may be recalled that Indian Bank seizes HRD Minister Ganta Srinivasa Rao’s properties in Pratyusha company default case.

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