Two public sector banks have issued notices to Telugu actor Akkineni Nagarjuna’s film studio to recover loans amounting to Rs 62 crore. The actor is hopeful of resolving the issue in a few days. Sources close to the actor told IANS that the bank authorities have neither seized nor sealed the studio. “All film shootings and other activities are continuing as usual,” a source said.
The financial institutions in question are Andhra Bank and Indian Bank and the loans were given to the 7 Acres Studios that is located adjacent to the main Annapurna Studios. Family members and those working with the studios denied that the banks had ‘seized’ the facility and said scheduled shootings and post-production work of other studios were going on.
Promoted by actor-entrepreneur Nagarjuna Akkiineni, Annapurna Studios is said to have failed to repay Rs 32.3 crore to Andhra Bank and Rs 29.7 crore from Indian Bank. Authorities of Andhra Bank and Indian Bank jointly issued a public notice on March 20, that the Studio has been seized and cautioned the third parties from entering into a business transaction over the property. Not long ago, Nagarjuna saw troubles with GHMC taking on his N-Convention Centre. Allegations were rife that the actor encroached 1.12 Acre of Full Tank Level (FTL) and 2 Acre in Buffer Zone of Tammidi Kunta Cheruvu (lake) in Madhapur in order to build 10 Acre of N-Convention Centre. Even the actor was embroiled in a legal tangle as KCR-led government in no mood to excuse him. Finally, the issue has bitten the dust.