MLC candidate Vakati Narayana Reddy over due by Rs.443.27 crore to four banks

Saturday, March 4, 2017

The ruling TDP party candidate in the Local Authorities MLC post contestant from Sri Potti Sriramulu Nellore district Vakati Narayana Reddy is in default of Rs.443.27 crores to four banks according to sources.

Rules in existence says that those defaulters to banks and to government are not eligible to contest in the elections. Sources said that Vakati Narayana Reddy has not mentioned of the default of payment to banks in his nomination papers. He is a surety to VNR Infrastructure Limited, Powertech Private limited, Logistics Private limited for the loans taken from State Bank of India, State Bank of Hyderabad, Bank of Baroda and Indian Overseas Bank.

Despite notices served to the defaulters, they have not responded and as a result the banks have announced the seizure of property of Vakati Narayana Reddy on January 17, 2017.

Sources said that due to pressures from higher ups, the Returning Officer failed to reject the nomination filed by Vakati Narayana Reddy.

Sources said that VNR Powertech Limited has taken loan by pledging 45.76 acres of land in Tamminapatnam in Chillakur mandal, VNR Logistics has taken loan by pledging lands at Rachapalem Panchayat limits in Ojili mandal and also pledged some fixed assets in Sullurupeta mandal in Nellore district and some lands in Nellore. The banks have announced of taking them into their possession.

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