Vijayawada: Andhra Bank will auction the house of veteran Telugu Desam MP Rayapati Sambasiva Rao on the grounds of non-repayment of a loan. The bank issued an auction notice for the G+3 building on Road No. 7 at Banjara Hills, Hyderabad.
According to a report, Andhra Bank had loaned Mr Sambasiva Rao's company Transstroy Rs 433 crore which it had failed to repay.
The amount now stands at Rs 750 crore together with interest. Consequently, the bank seized the Transstroy office and the four-storey building at Hyderabad.
The bank has issued notices to the guarantors Mr Sambasiva Rao’s son Rayapati Ranga Rao, his daughters Devika Rani and Lakshmi, and ten other individuals regarding the auction.
The base price was set at Rs 7,36,14,000 and Rs 73,61,400 was the upset price to participate in the auction. The news has gone viral among political groups after the bank issued its notice in various newspapers.
