Canara Bank takes possession of shopping mall properties

The Asset Recovery Management (ARM) Branch of the Canara Bank in Visakhapatnam has taken possession of properties belonging to South Central Shopping Mall at Payakaraopeta after the establishment’s loan accounts were classified as non-performing assets (NPAs) owing to non-repayment of loans.

According to an official release, the properties were taken into possession by the Revenue authorities and handed over to the bank following orders issued by the District Collector of Anakapalli.

The proceedings were carried out in the presence of Assistant General Manager Venugopal Reddy, authorised officer Satyanarayana, Divisional Manager Dhanunjaya Rao, police personnel and Revenue officials.

The bank said an e-auction of the seized properties would be conducted on Friday and invited interested buyers to participate.