When it comes to following the rules of the land, no big wig is an exception. Sometime back Nagarjuna Akkineni was in the headlines when he had faced troubles with GHMC taking on N Convention Centre. He was alleged for encroaching the land of full tank level and 2 acres of land from a lake. But the issue was sorted out when KCR's governament and Nagarjuna came on terms.
Now, he has once again made place in the wrong news. Nagarjuna's 7 Acre studio was seized by the authorities after Akkineni family failed to repay Rs 62 Crore bank loans.
According to reports, Akkineni family owes Rs 32.3 Crore from Andhra Bank and Rs 29.7 Crore from Indian Bank. Despite notices being issued to Nagarjuna, Venkat Akkineni, Supriya, Y Surendra, Naga Suseela, and Venkat Roddam on January 2, 2014 to repay the loan and the interest, it is said that there was no response.
The 7 Acres Studio is very popular as most of the film shootings and song shootings happen here. Nagarjuna and his family are in talks with bank authorities and are trying to settle down the issue as soon as possible, since it is a matter of prestigious studio.
With this, authorities of Andhra Bank and Indian Bank jointly signed and issued a public notice on Saturday that the Studio has been seized with effective from March 20, 2015 and cautioned the third parties from entering into a business transaction over this property until further notice.