TDP National Spokesperson GV Reddy in a TV debate revealed an interesting content from the 14 pages letter CM Jagan Mohan Reddy has written to Prime Minister Narendra Modi three days after the Union Budget is tabled in the Parliament.
“This Government had formed some State Development Corporation for taking loans. A consortium of banks led by SBI committed to lend 25,000 Crore and already released 20,000 Crore. The Corporation was declared illegal because it is mortgaging future revenues on Liquor and banks stopped the rest of the loan,” GV Reddy revealed.
“This Chief Minister now claims he got some legal opinion that the corporation is legal and complains to Modi about SBI not giving the loan. Who in right mind would take a legal opinion after? Who in right mind would write a letter to the Prime Minister after the budget?,” GV Reddy ridiculed.
Meanwhile, this issue is not just the case of SBI. All banking and non-banking institutions that have lend loans to AP Government are worried as the Government is not repaying the loans and the monies were diverted to other uses.
