Hyderabad: Employees from around 10 banks staged a protest in front of Progressive Constructions Limited (PCL) owned by former Union minister Kavuri Sambasiva Rao alleging that the company has not repaid loans amounting to hundreds of crores.
The managers of SBH, Andhra Bank and SBI gathered in front of the firm’s head office at Abids and alleged that company officials never responded to notices sent by banks. The bank officials, however, did not lodge any police complaint regarding this.
PCL got into trouble after the World Bank blacklisted the firm for 11 years in 2013 for violating its ‘fraud and corruption policy’. The WB banned the firm in connection with the execution of three contracts for a National Highway project.
In a statement issued in November 2013, the WB accused PCL of having “engaged in fraudulent practices in the execution of three WB-financed road projects by submitting bogus documents misrepresenting the company’s use of advances.”
PCL is engaged in infrastructure projects in irrigation, power, rail, transport, and housing sectors. PCL officials did not respond to DC's queries.
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