11 September 2013

Pin It

CBI Chargesheet names BCCI Chief N Srinivasan in disproportionate assets case

CBI Chargesheet names  BCCI Chief  N Srinivasan in disproportionate assets case

The CBI has filed three more chargesheets in the case, involving quid pro quo investments in the companies of YSR Congress president Y.S. Jaganmohan Reddy, before the CBI Court in Hyderabad

Board of Control for Cricket in India chief N Srinivasan has been named in one of three fresh chargesheets filed by CBI Tuesday against three cement companies in the alleged illegal assets case involving YSR Congress president and Kadapa MP Y S Jagan Mohan Reddy.

Srinivasan has been named in a chargesheet filed against India Cements.
He is MD of the company, which allegedly invested in businesses owned by Jagan Mohan for special favors, permits, and land for a plant in Kadapa district.

The other chargesheets are against Penna Cements and its MD Pratap Reddy, and Bharati Cements (earlier known as Raghuram Cements) and its directors.

CBI claimed the Rs 4,200-crore India Cements, which has four plants in Andhra, purchased 12.5 lakh shares of Rs 10 each of Kadapa-based Raghuram Cements in September 2007 paying a premium of Rs 110 per share.

India Cements invested Rs 40 crore in Jagati Publications, which runs the Telugu news channel and daily Sakshi, and several other companies owned by Jagan Mohan

India Cements also invested Rs 5 crore in Carmel Asia Holdings, paying a premium of Rs 252 on each share worth Rs 10. In all, it allegedly invested Rs 140 crore in Jagan-owned businesses during 2007-08 for favors such as additional water from the government of YSR Reddy.

On July 22, 2008, the AP government allowed the India Cements plant at Chilamkur in Kadapa to draw 10 lakh gallons daily from the Krishna river for an expansion mooted in March 2007. The first permission was for only 3 lakh gallons per day.

The chargesheets claim that India Cements had invested about Rs.140 crore in  Jagathi Publications, Bharati Cements and Carmel Asia, all owned by Jagan, in return for the favors received from the government in land allotments and allocation of river water for its cement factories in Andhra Pradesh. All these investments were nothing  but bribes paid by the company for the government's largesse, according to the CBI.

Reality views by sm –

Wednesday, September 11, 2013

Tags – BCCI Jagan N Srinivasan