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KS Rao daughter's firm owes Rs 1000 cr to 18 Banks


Bankers are resorting to 'Gandhigiri' to recover loans from wilful defaulters. Members of a consortium of 18 banks organised silent protests outside office of Progressive Construction Company, owned by former union minister Kavuri Sambasiva Rao. The bankers have staged silent protest in front of the company's headquarters in Chirag Ali Lane on Monday. The company being run by Kavuri's daughter Srivani and it was Rs. 1,000 crore to the consortium. The company has secured loans from various state-run banks over years using obvious political influence.

Hyderabad-based Progressive Constructions Ltd (PCL) owes about Rs.350 crore to SBI. Other banks owed money by the company include Andhra Bank, with Rs.149 crore of exposure, Corporation Bank (Rs.47 crore) and Allahabad Bank (Rs.42 crore). The company owes Rs. 200 crore Andhra Bank (Sultan Bazar branch) alone. Despite several reminders the company failed to repay the loans hence they staged protest. The protesters included several private lenders too.

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