Hyderabad: Members of a consortium of 18 banks that lent money to Progressive Construction Company, owned by former union minister Kavuri Sambasiva Rao staged a silent protest in front of the company's headquarters in Chirag Ali Lane on Monday.
The company being run by Kavuri's daughter Srivani, owes Rs. 1,000 crore to the consortium. Despite several reminders the company failed to repay the loans, a banker said. The company owes Rs. 200 crore Andhra Bank (Sultan Bazar branch) alone.
Incedentaly, the protesters included several private lenders too.