Andhra Bank seize Nagarjuna's property

Andhra Bank and Indian Bank authorities on Saturday in a joint public notice seized 7 acre,25 gunta stretch of Annapurna Studio in Jubilee Hills owned by Nagarjuna family for non repayment of loan of `62 core -Andhra Bank (`32.3 cores) and Indian Bank (`29.7 cores). The notice cautioning the third parties from entering into business transaction over the property ran “Despite issuing notices to Nagarjuna, Venkat Akkineni, Supriya, Y Surendra, Naga Suseela, and Venkat Roddam on January 2, 2014 to repay the loan and the interest, there was no response. We hereby are declaring that this property measuring 7 acres and 25 guntas has been seized effective 20 March 2015,“ Though Nagarjuna was not available ,source close to the production house said “The studio authorities are negotiating with the banks to resolve the issue in an amicable way to get a positive outcome.“

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