With the coming election not too far from now, every aspect of the political parties will far under the scrutiny of the public. Now, a YCP MLA has made headlines for a wrong reason and this paints a bad image for YCP.
Incidentally, Puttaparthi MLA, Sridhar Reddy is facing legal action from the bank after he defaulted on loans amounting to Rs 908 crores to the Canara Bank.
The bank announced on July 2 that Sridhar Reddy’s properties are to be auctioned on the 18th of August over non repayment of loans.
Sai Sudheer Infra company, which has surety from Sridhar Reddy and is run by his wife Aparna Reddy and father Venkatramireddy has defaulted loans that have spiked up to Rs 908 crores including interests.
The properties that will be auctioned by the bank are located in AP, Telangana and Karnataka. This comes over non repayment of the loans despite the efforts of the bank.
The company stated that they couldn’t pay the interest due to the non clearance of bills for their projects in AP, Telangana, and Karnataka.
