Nagaruna's studio seized

On Saturday, a joint public notice signed by authorities of Andhra Bank and Indian Bank declared that the 7 acre 25 gunta stretch of Annapurna Studio in Jubilee Hills (popularly known as '7 acres') has been "seized" owing to non repayment of loan of `62 crore — Andhra Bank (`32.3 crores) and Indian Bank (`29.7 crores). The property is owned by actor Nagarjuna's family.

Despite issuing notices to Nagarjuna, Venkat Akkineni, Supriya, Y Surendra, Naga Suseela, and Venkat Roddam on January 2, 2014 to repay the loan and the interest, there was no response. We hereby are declaring that this property measuring 7 acres and 25 guntas has been seized effective 20 March 2015," read the notice, cautioning third parties from entering into a business transaction over this property until further notice. Nagarjuna was unavailable for comment.

The actor's family is said to be drawing a contingency plan to deal with the issue. A source close to the production house says, "The studio authorities are negotiating with the banks to resolve the issue in an amicable way to get a positive outcome."