Tuesday, August 05, 2014

PVP Square expects to break-even in 10 years
[Editor: This company, PVP Square, which belongs to one of the relatives of Mr.Potluri Vara Prasad (PVP), is strangely using PVP's name and logo of PVP Ventures Ltd, though not being a group company. According to the sources, this was possible because, the name and logo of PVP Ventures Ltd (Rs.7.40) is still not registered. Sardonically, Mr.PVP was seen inaugurating this mall viz. PVP Square, few days back, along with Mr.Sachin Tendulkar; which means that he is fully aware that this company, viz. PVP Square is using PVP Logo and name inspite of not being, a group company of PVP Ventures Ltd. isn't it? 
Now, the question is: How can a responsible citizen like Potluri Vara Prasad, who is from the ruling front, National Democratic Alliance (NDA), allow such misuse of the company's name and logo, to rob the genuine shareholders' wealth....? It would be pertinent to mention here that, since the last few years (especially, post Satyam Computer scam), many of the erstwhile Andhra Prasad based companies listed in the BSE have become jokes. PVP Ventures Ltd is perhaps turning out to be another one, from the same bracket. The shareholders should demand their legitimate share from the relatives of Mr.Potluri Vara Prasad, if they are using the name and logo of PVP Ventures Ltd, as it is not personal fiefdom of Mr.PVP. Also, in the last financial year, FY14, the company's interest cost came out to be Rs.19.40 Crores , a jump from Rs.44 lakhs in FY13. This according to the sources is to support the parent company, which is making continuous losses. Another white elephant in the making? Money is being siphoned off? Get prepared for the next Annual General Meeting and grill Mr.Potluri Vara Prasad on these issues]
Potluri Sai Padma,
PVP Square MD
VIJAYAWADA, July 31, 2014: The city-based entertainment company PVP Square has invested over Rs. 125 crore on a shopping mall-cum-multiplex in the upmarket Mogalrajapuram area. The company aims at achieving break-even in the coming 10 years according to Potluri Sai Padma, managing director of the mall.

Announcing the details of the inauguration of the mall by the cricket legend Sachin Tendulkar on August 1, Ms. Padma said, “It’s the world class and biggest mall in Andhra Pradesh. With over 4.27 lakh square feet space and association of global brands, the mall stands tall in the new State.”

The social infrastructure will be one stop destination for the entertainment starved denizens, she said. Several celebrities, including cine actors are likely to attend the inauguration besides Sachin.

While the promoter of the property is Jhansi Sureddi, wife of the serial entrepreneur and producer Potluri Vara Prasad, the project is funded by a consortium of banks led by Central Bank of India, according to the MD.

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