Premium

Lookout circulars against three YSRCP leaders after FIR alleges forcible acquisition of ports firm

The three were named in an FIR on December 2 based on a complaint by Karnati Venkateswara Rao, former chairman and managing director (CMD) of Kakinada Seaports Ltd (KSPL).

YSRCP general secretary and Rajya Sabha MP V Vijaysai Reddy and Aurobindo Pharma promoter P Sarat Chandra Reddy are named in the FIR. (File photos)

The Andhra Pradesh CID issued lookout circulars against YSRCP general secretary and Rajya Sabha MP V Vijaysai Reddy, YSRCP MP Y V Subba Reddy’s son Y Vikranth Reddy, and Aurobindo Pharma promoter P Sarat Chandra Reddy.

The three were named in an FIR on December 2 based on a complaint by Karnati Venkateswara Rao, former chairman and managing director (CMD) of Kakinada Seaports Ltd (KSPL), who alleged the forcible acquisition of KSPL through Aurobindo Realty and Infrastructure Pvt Ltd at the instance of former Andhra Pradesh chief minister Y S Jagan Mohan Reddy.

Rao alleged that 40 per cent of KSPL, valued at Rs 2,500 crore, was forcibly acquired for Rs 494 crore through coercion and intimidation.

Story continues below this ad

Also read | Who is Sarath Chandra Reddy, arrested by ED in the Delhi liquor policy case?

Rao also claimed that 49 per cent of the Kakinada Special Economic Zone (SEZ), valued at Rs 400 crore, was forcibly acquired for just `12 crore, even though another multinational conglomerate had already given an offer of Rs 400 crore.

The CID said the lookout notice was issued to prevent the three from leaving the country as the agency launched an investigation into the share transfer.

Aurobindo Group has denied any involvement in irregularities.

B Adi Reddy, the Company Secretary of Aurobindo Pharma, said in an email, “Aurobindo Pharma Limited or its subsidiaries are in no way connected with the ownership or operations of Kakinada Seaports Limited and Kakinada SEZ Limited including Auro Infra Private Limited.”

The YSRCP has criticised the current N Chandrababu Naidu government in Andhra Pradesh for filing cases against leaders of the Opposition party.

Stay updated with the latest - Click here to follow us on Instagram