Telugu Desam Party leader and chairman of Gitam Group of Institutions Matukumilli Sri Bharat, also happens to be younger son-in-law of senior actor and TDP legislator Nandamuri Balakrishna, received yet another shock on Friday, when he received a notice from Karoor Vysya Bank for payment of Rs 124.39 crore which his family had defaulted to the bank.
According to the notice, Bharat’s father Pattabhi Rama Rao, Lakshman Rao and other family members had taken a big loan from Karoor Vysya Bank in Abids, Hyderabad for operating a private company called Techno Unique Infratech Private Ltd.
So far, they had not repaid even a single rupee to the bank. The dues to the bank, including principle and interest, mounted to Rs 124,39,21,485 till now.
The bank served a notice on Bharat and others to repay the loan before January 21, 2020, but till now, there was no response from the defaulters.
As a result, the bank authorities issued a notice in the newspapers stating that they would auction the properties of Bharat and his family members pledged with the bank.
It is learnt the defaulters had pledged lands located at Gajuwaka and Bhimili mandals in Visakhapatnam.
In the past, too, Bharat had allegedly defaulted loans worth Rs 100 crore taken from Andhra Bank. This bank also issued a newspaper notification seeking to auction the assets of his power project at Garividi for allegedly defaulting the loan repayment.
Apart from Sri Bharat, the bank named his wife Tejaswini and a few others connected with his 3 MW power plant – VBC Renewable Energy – as the defaulters of the loan.
Bharat, who contested as TDP candidate in the recent Lok Sabha elections from Visakhapatnam parliamentary constituency, blamed it on AP Transco for the losses incurred by the company.