Former TDP minister and Visakhapatnam North MLA Ganta Srinivasa Rao is facing tough times lately. The TDP leader from Bheemunipatnam Assembly Constituency has remained an MLA for quite some time now, having enjoyed good positions previously. Though he tried to test his luck by joining the ruling party, nothing worked out. Although the party high command gave the green signal for his inclusion, it has been delayed due to local equations and objections.
Recently, Indian Bank had issued a notice to auction some of his assets. The bank is trying to sell the properties and recover the assets to the tune of Rs 248 crore because of delay in the repayment. The auction will be held on the 25th of this month. The bank has already issued an e-auction notice to this effect. The properties to be auctioned also include those owned by Ganta Srinivasa Rao.
The auction is inevitable as he is a partner in Pratyusha Company. Bank officials have already issued notices to Pratyusha Company owners P Raja Rao, PV Prabhakar Rao, KB Subramaniam and N Amulya. Among the properties to be auctioned is a flat in Triveni Towers owned by former minister Ganta Srinivasa Rao. The bank is auctioning off other assets along with them to recover the outstanding amount.
