Hyderabad: The Telangana State Wakf Board has taken prompt action to stop the auction of a wakf Property by the Indian Overseas Bank, which had been mortgaged by an industrialist to avail a loan.
According to a Wakf Board official, the IOB had issued a sale notice against a piece of wakf land in Kesaram village of Bhongir mandal, Nalgonda district.
The bank had sanctioned a loan to M/s Omkara Seed Tech Pvt Ltd against the property in Survey No. 175 of Kesaram.
The bank had initiated action for recovery of Rs 4.37 crore, the loan amount, by way of auction, he said.
The auction was scheduled for March 13. The reserve price for the piece of land was fixed at Rs 2.19 crore.
Officials said after receiving information, board chairman Mohammed Saleem asked officials to verify the records. It was found that the land was part of wakf property attached to Dargah Haji Ibrahim at Kesaram.
Mr Saleem addressed a letter to the bank officials and the district administration and asked them to refrain from auctioning the wakf property.