turtle Posted July 4, 2018 Report Posted July 4, 2018 Telangana minister Jupally Krishna Rao’s sons default on SBI loan HYDERABAD: Two sons of Telangana minister Jupally Krishna Rao have defaulted on a loan of over Rs 86 crore they took from State Bank of India(SBI). Now, the bank is struggling to recover the amount. Though SBI’s stressed assets management branch conducted an e-auction for mortgaged properties in March this year, the bank could get bids for only about Rs 2.2 crore and failed to realise even the loan amount. According to officials, Jupally Arun and Varun, two sons of the minister, floated a company Shaili Paradigm Infratech Pvt Ltd, along with a third partner Kiran Reddy Vasireddy. Arun was founder and managing director of the firm that acted as a service provider for irrigation projects and water & road projects in Telangana. Pledging their property as collateral security, the two sons borrowed over Rs 60 crore from SBI in 2013. Pledged properties included a four acre land in Kismatpur, five land parcels of three acres in Gagan Pahad in Rajendranagar and three flats in Royal Pavilion apartment complex in Ameerpet. Along with interest and other expenses, the loan amount in December 2017 touched Rs 86 crore. In 2014, the company was sold to Kridhya Infra Limited, an unlisted company headquartered in Hyderabad and the three partners in Shaili, including the two sons of Jupally acted as guarantor for the availed loan. Account declared NPA in June 2014 However, since Kridhya did not repay, SBI in June 2014 declared the account as Non-Performing Asset (NPA) and issued a final demand notice to the Kridhya firm in December 2015. In October 2016, SBI issued notification for e-auction of properties pledged as collateral security for the loan, but the auction could not take place as the mortgaged property in Kismatpur gram panchayat limits was found to be entangled in a legal wrangle with few parties claiming right over the property. SBI sources said by auctioning the land parcel in Kismatpur, the bank hoped to recover at least 50% of the outstanding loan. After dilly dallying for more than a year, the Stressed Assets Management branch of SBI once again conducted an auction in the second week of March 2018 for the rest of the properties, barring the land parcel in Kismatpur, and fixed Rs 17.5 crore as the reserve price. “We got seven bids for all properties that were put for eauction and the total bid amount received was Rs 2.2 crore. Three bidders, who quoted more than the reserve price, did not deposit the amount with the bank as they wanted to examine more documents pertaining to the title. We are providing them the same,” a senior SBI official told TOI. Bank officials alleged that there were not many takers for the auction as the properties belonged to sons of a cabinet minister in the state government. “Besides, the loan was given liberally without considering the market value of properties pledged. It is only after the recent scams involving nationalised banks came to light they decided to go for the e-auction,” said the sources. When contacted, SBI’s authorised officer for the auction T Ajay Kumar admitted they received a lukewarm response for bids. “We are also considering approaching the National Company Law Tribunal (NCLT),” he said. Despite repeated attempts, minister Jupally Krishna Rao was not available for comment. Last week, he told TOI the issue pertains to his two sons. Two days ago, he said he was touring his assembly constituency and on Sunday, did not respond to calls. https://timesofindia.indiatimes.com/city/hyderabad/minister-jupally-krishna-raos-sons-default-on-sbi-loan/articleshow/63777152.cms Quote
turtle Posted July 4, 2018 Author Report Posted July 4, 2018 86 Crore hamput. Paafam SBI. Another 10 Cr defaulted to Corporation Bank... kismatpur lo 4 acres, gagan pahad lo 3 acres, ameerpet lo 3 flats surity petti 65 cr loan teesukunnaru anta. adi interest tho kalipi 86 cr ayiindi. so default ayyaka, sbi aa properties ni sale seddamani choosthe aa properties kuda already court litigation lo unnayi. so konadaniki evadu raatledu. e-auction pedithe 2.2 crores ki minchi bids raaledu. 2 times e-auction try sesaru. SBI ippudu emi sesthado sudali. Paafam Common Man in my bangaru telangana.. idi khachitam ga CBN kutra. Quote
LordOfMud Posted July 4, 2018 Report Posted July 4, 2018 thaadu needey ....... comments kudaaaa neevay .......... Quote
Aryaa Posted July 4, 2018 Report Posted July 4, 2018 Baa Sujana chowder gari 6900 crores lekka kooda telistey vey Quote
Avakashavadi Posted July 4, 2018 Report Posted July 4, 2018 jaisa baap...waisa beta.. ayya gitla masthu paisal esindu...prudential co-op bank, charminar co-op bank ekanga diwala teesinayi...shaili's peru mida masthu esindu... ayya daari lo koduku ipudu....anthe... Quote
VijayDevarakonda Posted July 4, 2018 Report Posted July 4, 2018 5 minutes ago, Avakashavadi said: jaisa baap...waisa beta.. ayya gitla masthu paisal esindu...prudential co-op bank, charminar co-op bank ekanga diwala teesinayi...shaili's peru mida masthu esindu... ayya daari lo koduku ipudu....anthe... Arun jullapally koduku ki G valupu baga vundi Quote
tables Posted July 5, 2018 Report Posted July 5, 2018 6 hours ago, Aryaa said: Baa Sujana chowder gari 6900 crores lekka kooda telistey vey Maadi memu kadukkomu vayya, pakkanodi g lo matram vaasana chustam. but as a side note that jupally fellow is waste fellow, mostly vaadiki ticket raadu anykuntunna 2019 lo Quote
Sekharr Posted July 5, 2018 Report Posted July 5, 2018 8 hours ago, turtle said: 86 Crore hamput. Paafam SBI. Another 10 Cr defaulted to Corporation Bank... kismatpur lo 4 acres, gagan pahad lo 3 acres, ameerpet lo 3 flats surity petti 65 cr loan teesukunnaru anta. adi interest tho kalipi 86 cr ayiindi. so default ayyaka, sbi aa properties ni sale seddamani choosthe aa properties kuda already court litigation lo unnayi. so konadaniki evadu raatledu. e-auction pedithe 2.2 crores ki minchi bids raaledu. 2 times e-auction try sesaru. SBI ippudu emi sesthado sudali. Paafam Common Man in my bangaru telangana.. idi khachitam ga CBN kutra. emiti peekedi.. sbi common man deggara paisalu 10gatam tappa chesudu emi undadu Quote
TOM_BHAYYA Posted July 5, 2018 Report Posted July 5, 2018 7 hours ago, Avakashavadi said: jaisa baap...waisa beta.. ayya gitla masthu paisal esindu...prudential co-op bank, charminar co-op bank ekanga diwala teesinayi...shaili's peru mida masthu esindu... ayya daari lo koduku ipudu....anthe... Varun soft untunde.. ee politics mostly antha Arun ye unduntadhi Quote
Crazy_Robert Posted July 5, 2018 Report Posted July 5, 2018 3 minutes ago, futureofandhra said: Corrruption na Sarley picha lite this is called realization Quote
futureofandhra Posted July 5, 2018 Report Posted July 5, 2018 3 minutes ago, Crazy_Robert said: this is called realization I realized after AP division I still can't digest India lanti great country lo democracy ni champesaru Venkateswara swamy should save AP Quote
Android_Halwa Posted July 5, 2018 Report Posted July 5, 2018 17 minutes ago, TOM_BHAYYA said: Varun soft untunde.. ee politics mostly antha Arun ye unduntadhi @TOM_BHAlYA varun gadu soft vaya...@ politics lo ledu...cibu House ani oka lounge open chesindu, plus oka 2-3 coffee shops la partnership...beyond coffee ani...and couple of subways...attapur la layouts sestunadu ... arun gadu motham ayya dandha la vunadu....shailis infra ani petti, contracts, feasibility studies, chota mota contracts, Raipur la dandhalu chestundu adu vundetodu sudu va...pichi Vishnu gadu...vani mama degara masthu paisal....pichi Vishnu gadu a paisal anni arun ganiki mithiki tipputadu.... Quote
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