Nagarjuna Akkineni is back in news for wrong reasons. The actor's 7 Acres Studio (7 acre 25 gunta stretch of Annapurna Studio) in Jubilee Hills 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's said that there was no response.
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.
The 7 Acres Studio is very popular as most of the film shootings and song shootings are being shot daily. It is learnt that actor Nagarjuna and his family are contemplating to negotiate with banks to settle the issue out-of-the-court amicably.
Not long ago, Nagarjuna saw troubles with GHMC taking on his N-Convention Centre. Allegations were rife that the atcor encroached 1.12 Acre of Full Tank Level (FTL) and 2 Acre in Buffer Zone of Tammidi Kunta Cheruvu (lake) in Madhapur in order to build 10 Acre of N-Convention Centre. Even the actor was embroiled in legal tangle as KCR-led government in no mood to excuse him. Finally, the issue has bitten the dust.