CBI names Srinivasan in fresh chargesheet in Jagan assets case

Srinivasan has been named in a chargesheet filed against India Cements.

Written by Sreenivas Janyala | Hyderabad | Published:September 11, 2013 11:43 pm

Board of Control for Cricket in India chief N Srinivasan,who stepped aside after the IPL fixing scam,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 favours,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. Penna Cements allegedly invested Rs 68 crore in Jagathi Publications to get 1,500 acres of land much below the market price.

Srinivasan was questioned in May and June last year about the alleged investment.

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 shares were trading below Rs 100 at the time.

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,whose father,the late Y S Rajasekhara Reddy,was the chief minister then. The newspaper and channel had not been launched at the time.

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 favours 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.

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