Om Namo Venkatesaya

Andhra Bank Shocker To Nagarjuna

Akkineni Nagarjuna is in for a huge shock as Andhra Bank issued notices to Nagarjuna owned Annapurna Studios for failing to clear Rs 37 crore, calling the studios a willful defaulter. Apparently, the bank even filed a case against Annapurna Studios.

In its case, the bank accused the MD of Annapurna Studios Nagarjuna, Supriya Yarlagadda, Venkat Akkineni, Nimmagadda Prasad, Nag's sister Naga Suseela. Speaking to the media, the bank's authorities said that Annapurna Studios is a defaulter in paying back to several banks to the tune of Rs 100 crore.

While Annapurna Studios' default debt money is Rs 37 crore, the studio also has not cleared its loans to other banks such as Axis Bank and Indian Bank. Apart from issuing the notice and filing a complaint, the bank is currently taking the special powers and provisions stipulated by the RBI to make the defaulters clear the loans.