Amid the cash crush and confusion in the Telugu film industry due to demonetisation, Tollywood actor Akkineni Nagarjuna on Thursday clarified that he had repaid all his loans and he doesn’t owe money to any bank. “For the few who may believe so, neither I nor Annapurna Studios owe any money to any banks. It is true we took a loan from banks to build new film facilities at Annapurna Studios earlier. All loans have been cleared earlier this year,” Nagarjuna posted on Twitter.
In 2014, reports said Andhra Bank and Indian Bank had issued notices to the actor and producer to repay a loan within 60 days. He owed Rs 30 crore and Rs 28 crore to the banks, respectively. Even the banks also took stringent measures. In absence of any response from Nagarjuna, the banks had even issued an advisory that no third party should cut any deal with the actor or any of his people. They also sought to take over some land in the studios.
Nagarjuna is the owner of his production house Annapurna Studios and was a stakeholder in the ownership of MAA Television, which has now been sold to Star Network. Nagarjuna, Nimmagadda Prasad and Chiranjeevi sold their respective shares of the channel in 2015. Some reports suggest that Nagarjuna took this step to cover his debts. Nagarjuna has also been replaced by Chiranjeevi for the next edition of popular MAA TV quiz show Meelo Evaru Koteeswarudu. The actor had reportedly charged Rs 3 crore for hosting the first 40 episodes of the show.
Meanwhile, Nagarjuna supported PM Narendra Modi’s move to ban Rs 500 and Rs 1000 notes. He had also thanked the PM for the move. “Tweeting from Paris. Congrats @narendramodi ji for rewarding us tax payers/India on the way to become a super economy. #IndiaFightsCorruption (sic),” the actor had said.