The authority of Transstroy India Limited, which is the company owned by TDP MP Rayapati Sambasiva Rao, over Polavaram Project seems to ended if the latest developments are any indication.
Centre offered its consent for AP Government to end the role of Transstroy in Spillway Headworks and Channel Works. This decision paves way for fresh tenders to complete the project at a good pace.
Dena Bank and Canara Bank seized the vehicles and equipment of Transstroy at the project site as the company failed to clear the loan arrears. While Rs 725 crore has to be paid for Canara Bank, Dues to the tune of Rs 120 crore must be paid to Dena Bank. Already, Canara Bank moved National Company Law Tribunal in Hyderabad to initiate the seizure of Transstroy business activities.
Today's development will be a sigh of relief to AP CM Chandrababu Naidu who will be facing severe criticism if he fails to complete Polavaram in time.
Centre offered its consent for AP Government to end the role of Transstroy in Spillway Headworks and Channel Works. This decision paves way for fresh tenders to complete the project at a good pace.
Dena Bank and Canara Bank seized the vehicles and equipment of Transstroy at the project site as the company failed to clear the loan arrears. While Rs 725 crore has to be paid for Canara Bank, Dues to the tune of Rs 120 crore must be paid to Dena Bank. Already, Canara Bank moved National Company Law Tribunal in Hyderabad to initiate the seizure of Transstroy business activities.
Today's development will be a sigh of relief to AP CM Chandrababu Naidu who will be facing severe criticism if he fails to complete Polavaram in time.