Cong: Naidu familys firm cheated stakeholders

Aimed at shifting the attention towards the main Opposition party,the Telugu Desam Party...

Aimed at shifting the attention towards the main Opposition party,the Telugu Desam Party,the Congress Government,which is facing all kinds of allegations over favouring Maytas Infra while awarding the Metro Rail Project,has trained its guns on TDP chief N Chandrababu Naidu by accusing the former CM of padding up the profit figures of his family-owned firm,Heritage Foods Limited and also questioned his land deals.

Chief Minister Y S Rajasekhara Reddy has directed Chief Secretary P Ramakanth Reddy to submit a report on the land deals of Heritage Foods and the alleged irregularities involved.

At the crux of this inquiry is a report published in the Telugu daily Sakshi that Naidus firm cooked up figures to show that Heritage Foods Limited was running in profits when it actually incurred losses. Sakshi,is owned by Y S Jaganmohan Reddy,son of the chief minister. Political parties have turned the heat on the Congress after the Satyam fraud came to light.

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The report clearly indicates that the firm fudged its accounts to show profits while everyone knows that Heritage Foods has incurred losses. We want to know how the firm is showing profits, said Finance Minister K Rosaiah.

However,instead of probing these allegations,the issue has taken a new turn. The Congress is now alleging that the promoters of Heritage Foods floated another company called Heritage Infra and transferred land to it and thereby,cheated investors.