Ganta Srinivasa Rao is a big name in Vizag and he is a well-established businessman who has been with TDP. Now, given the current situation of TDP, he too like many other senior TDP men is looking to move to YSRCP. Of course, this has not gone well with members in TDP and some people in YSRCP. Still Ganta is going ahead with his plans and political analysts say it is only a matter of time before he jumps into YSRCP.
But what is making bigger news is the upcoming auction of his properties. In the past, his company Pratyusha Group had taken heavy loans from Indian Bank. Now Indian Bank has issued dates for auction to get back its dues.
Ganta’s Pratyusha Resorts and Infra had taken a loan of Rs 141.68 crore from the Hyderabad ASM branch of Indian Bank. After that, Ganta did not look back to repay the amount. The bank had sent many reminders and now the total amount due has come to Rs 248 crores. In 2017, the bank had taken over some properties to settle some dues. But still, there was a huge amount to be doled out. The bank finally issued auction notices to Pratyusha group director Ganta Srinivas Rao and other directors, after many efforts.
The group has properties in Vizag old city, Gajuwaka, Rishikonda, Chinagadali, Madhurawada, Anandapuram, Balayya Sastri layout. It also has properties in Kakinada, Anakapalli in West Godavari district. Pratyusha Group is also said to have properties in neighbouring Tamil Nadu. The group is supposed to reply to the bank before 23rd of this month. Otherwise, the properties will be auctioned at 12 noon on November 25, 2020.
But Ganta Srinivasa Rao is maintaining that he had opted out as director of the group a long time back and insists that only one of his properties is in the auction list.