VMC not to pledge market for loan

VIJAYAWADA: The Vijayawada Municipal Corporation (VMC) which drew flak from various political parties for its decision to mortgage Kaleswara Rao Market to get a loan of Rs 50 crore from Corporation Bank, has clarified that it is not going to pledge the market of historical significance.The VMC which is under the rule of a special officer following the expiry of the council term, adopted a resolution on January 11 to pledge the market.The Left parties, YSRC and Tax Payers Association opposed the VMC’s decision and wrote a letter to district collector SAM Rizvi, who is the special officer of the corporation, urging him not to pledge the assets of the civic body.The age old market located in a prime area, was named after the first Assembly s p e a k e r Ay y a d e v a r a Kaleswara Rao.Speaking to Express, municipal commissioner G Ravi Babu said they were not going to pledge the market in view of its historical significance.