Money & Banking
Banks issue notices to Nagarjuna's studio to recover loans
Two public sector banks have issued notices to leading 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.
 
Nagarjuna has denied reports that Andhra Bank and Indian Bank have seized the 7 Acre Studio in Jubilee Hills here.
 
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 7 Acre Studio is an extended facility of Annapurna Studio, founded by Nagarjuna's father and legendary actor Akkineni Nageswara Rao in the 1970s.
 
Nagarjuna, who is the managing director of Annapurna Studio, and other officials were negotiating with the banks and were hopeful of an amicable settlement within a week.
 
Akkineni family reportedly owes Rs.32.3 crore to Andhra Bank and Rs.29.7 crore to Indian Bank. The banks asked the family to clear the dues, failing which they will seize the studio.
 
The actor in 2012 had announced Rs.100 crore investment in new facilities including state-of-the art climate-controlled movie production studios.
 
The family had raised Rs.70 crore as loans from a consortium of banks and invested about Rs.25 crore of their own funds.

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Government bonds impede corporate bond market: RBI
The growth of the corporate bond market is largely impeded by the high government borrowings through the issue of bonds, said a senior RBI official.
 
Speaking at a conference here, Reserve Bank of India's (RBI) deputy governor R. Gandhi said the huge supply of government bonds is one of the impediments in the growth of the corporate bond market.
 
He said the role of insurance companies and pension funds have to be reassessed as they are hindered in the corporate debt market.
 
Gandhi also expressed RBI's concern about the corporate debt market as it is not to the central bank's satisfaction.
 
According to him, the corporate bond market is like a dwarf as compared to the government bond market.

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Saradha scam: Painter Shuvaprasanna grilled for nearly 5 hours
Painter Shuvaprasanna Bhattacharya was on Monday grilled for nearly five hours by the Enforcement Directorate in connection with a business deal he made with Saradha Group chief and now jailed scam kingpin Sudipta Sen.
 
Perceived to be close to leaders of West Bengal's ruling Trinamool Congress, Bhattacharya was quizzed over two sessions by sleuths of the ED, which is probing the money trail in the multi-crore-rupee Saradha ponzi scam.
 
Bhattacharya, who left the ED office in the afternoon, did not answer any questions from the waiting media persons.
 
The ED has in the past months questioned the painter twice regarding the sale of Devkripa Vyapar Pvt. Ltd, the holding company of Akhon Samay, a news channel.
 
Despite the channel never going on air, Bhattacharya is alleged to have sold it to Sen at an inflated price in 2011.
 
Bhattacharya, who earlier had submitted documents about the deal to the Central Bureau of Investigation (CBI) - which too is probing the scam - has repeatedly denied the charges.
 
The ED sent summons to both Bhattacharya and city businessman and Indian Super League franchise Atletico de Kolkata co-owner Harsh Neotia earlier this month.
 
Neotia is slated to appear before the agency on March 27.
 
The duo was also interrogated by the agency on October 13 last year.

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