Andhra Bank and Indian Bank carried an advertisement in ‘Eenadu’ today in which the banks stated that they had taken over the 7.25 acres land of Annapurna Studios on the 20th of this month as the latter has defaulted on the payment of loans and interest to the tune of nearly Rs 62 crore.
The banks stated that despite a notice being served on Annapurna Studios and its guarantors on 2/1/2014 to repay the entire amount with interest within 60 days, there was no response forcing the banks to take the extreme step.
The guarantors mentioned were Nagarjuna, Supriya and Y Surendra. The names of Naga Suseela, Venkat Roddam and Nimmagadda Prasad figured among the names of loan holders along with Annapurna Studios. Both Nagarjuna and Nimmagadda Prasad have recently reaped a windfall through sale of stake in MAA TV.
So, it is indeed mystifying as to why they have not cleared the dues to the bank which according to their standards is a paltry sum. The banks also warned third parties against entering into any kinds of transactions with Nag and Co regarding the 7.25 acres.