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Shock to Transstroy: Denk Bank seizes company vehicles from Polavaram Project site - NTv

Sat, Jan 06, 2018, 07:42 AM
The Dena Bank officials have seized vehicles of the Transstroy company from the Polavaram Project site. The company took Rs 84 crore loan from Dena Bank. But, the Transstroy has defaulted in paying loan amount with interest of Rs 34 crore despite serving several notices. The local RDO objected to a seizure of vehicles without informing the Collector. But, the bank officials informed the RDO that they are seizing vehicles based on court orders. The state government wanted to allocate remaining works of Polavaram Project to another contractor as the Transstroy had failed to clear loans to several banks.
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