Hyderabad: Union Textile Minister Kavuri Samba Siva Rao is headed for some serious trouble. State Bank of India is all set to take action against the company founded by him and then headed by his daughter, Progressive Constructions Ltd (PCL).
According to a leading daily, the bank is looking at recovering money from the construction firm that it owes the bank. As per reports, the construction company owned by the Congress leader, defaulted on Rs.70 crore of loans given by SBI, which have been decried as non-performing assets.
Reportedly, SBI is not the only bank that PCL owes money to, other banks include Andhra Bank, Corporation Bank and Allahabad Bank.