Amrutha Castle To Be Put On Block

To overcome its financial woes and repay the overdue amount to the beleaguered Prudential Urban Cooperative Bank, Country Club (India) is looking at various options including sale of its major asset - Amrutha Castle Hotel. It will convene an extraordinary general meeting on May 15 to seek consent for entering into strategic alliance with prospective investors for the hotel. The meeting will also discuss whether to sell in toto or a part of the hotel or to lease the hotel.

It may be recalled that Country Club, promoted by Rajeev Reddy, a major real estate dealer, owes over Rs 40 crore to the scam ridden Prudential Urban Cooperative Bank. Employees of the bank have recently agitated in front of the company's premises, demanding repayment of overdues to the bank. The company assured the employees of the bank that it would repay the amount shortly.