A classic example of this scenario is King Nagarjuna whose business acumen is on par with the likes of Ambanis and Tatas, though in a lesser size. The seizure notice of his Annapurna 7 acres land is perfect example of what could go wrong if all those paper-news doesn't make to reality in time.
According to Andhra and Indian banks, Nagarjuna was asked to repay 62 crores loan taken by mortgaging Annapurna Studios 7 acres land by January 2nd, 2014. As Nag and his other directors like Nagasusheela, Nimmagadda Prasad and Venkat Rodham failed to do so, now the property is seized. With these experienced brainy businessmen on board and already 100s of crores pumped into Annapurna, what would have went wrong for Nag?
It was heard in Film Circles that recently Nag sold out his MAA TV share too as Star India brought the whole of MAA network for whopping Rs 2500 crores. Nag's share is nearly 10% in that while Nimmagadda owns nearly 60% share. In that case, repaying the loan taken by Annapurna Studios is an easier thing. That's what they say, Nagarjuna has pocketed 250 crores but the amount to be seen as liquid cash in his accounts will take an year time, aver experts.
But banks that have given loan can't wait!!!
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