Chairman of Gitam Group of Institutions Matukumilli Sri Bharat, also happens to be the younger son-in-law of senior actor and tdp legislator nandamuri balakrishna contested for vishakapatnam parliament in recent elections and lost by a whisker. He is not so active in politics after that and started concentrating on business.
The young leader received yet another shock on friday when he received a notice from Karur Vysya bank for payment of Rs 124.39 crore which his family had defaulted to the bank. His father, Pattabhi rama rao, lakshman Rao and other family members had taken a big loan from Karur Vysya bank in Abids, hyderabad for operating a private company called Techno Unique Infratech Private Ltd. But they did not pay a single rupee back to the bank.
While taking the loan, the defaulters had pledged lands located at gajuwaka and Bhimili mandals in Visakhapatnam. The dues to the bank, including principal and interest, amounted to Rs 124,39,21,485 till now. Since Bharat and others did not respond to the notice, the bank has given a newspaper advertisement saying that it would auction the properties of Bharat and his family members pledged with the bank.
