Akkineni Nagarjuna has got a huge shock from Andhra Bank. Apart from issuing notices to Nagarjuna’s Annapurna Studios for failing to repay loans to the tune of Rs 37 Crore, the Bank termed the studios a willful defaulter and even filed a formal case.
In its police case, the Andhra bank accused the Board members of Annapurna Studios including Nagarjuna, Supriya Yarlagadda, Venkat Akkineni, Nimmagadda Prasad, Naga Suseela Akkineni etc. Speaking to the media, the authorities of the bank said that Annapurna Studios not only owes Rs 37 Crore to them but also the studios is a listed defaulter owing loans to the tune of Rs 100 crore to several other banks like Axis Bank, Indian Bank etc.
After issuing the notices and filing a formal complaint, the bank is also taking the special powers stipulated by the RBI to force the defaulters clear their loans.
Nagarjuna is also battling with Telangana Govt. over the half acre lad of Annapurna Studios that came under the radar of Metro Rail Project.