Sun, Jul 19, 2015, 11:10 AM
TDP MP Rayapati Sambasiva Rao's Transstroy company has defaulted loans worth Rs 4,300 crore from 14 banks. The firm bagged the prestigious Polavaram irrigation project contract. The company's unethical practices came into light as it availed Rs 5 crore loan from Dena Bank for procurement of high-end luxury cars. As the company failed to pay loan installments, Dena Bank declared Transstroy account as Non-Performing Asset (NPA). Alerted by this other banks also followed the suite and decided against giving loans to the company.