Bankers are staging a silent protest outside the office of Hyderabad-based Progressive Constructions Ltd (PCL), a company owned by former Union Minister Kavuri Sambasiv Rao, as it owes about Rs 1000 Crore to them.
It seems that bankers have resorted to silent protests to recover the huge loans from willful defaulters. After the infamous case of Vijay Mallya, we see former union minister Kavuri Sambasiva Rao’s firm defaulting after raising Rs. 1,000 crore from a consortium of 18 banks.
Members of this consortium have been organizing silent protests in front of the headquarters of company in Chirag Ali Lane, Hyderabad, to no effect. The protesters include several private lenders also. The company being run by the daughter of minister, Srivani, secured loans from various banks over years using political influence.
Despite several reminders the firm has failed to repay the loan hence forcing the bankers to stage protest. With no response coming from the senior politician, it seems that the hard earned Rs 1000 Crore public money is eaten by foolish bankers and businessmen politicians.