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Sunday, July 17, 2011

SAKSHI SCAM: CBI notices on Jagan investors!

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CBI notices on Jagan investors

July 16: Central Bureau of Investigation sleuths probing into the illegal assets case against companies of the Kadapa MP, Mr Y.S. Jagan Mohan Reddy, on Saturday served notices to major investors Hetero Pharma, Matrix Labs and the Ramky Group asking for reasons behind their buying shares of Jagati Publications Private Limited at huge premiums. Notices were issued to 15 companies who are major investors. The companies have been asked to reply by Monday. Notices are also served to Jagati Publications and Bharati Cements to explain the investments in their companies.
The CBI investigators, lead by joint director, Mr V.V. Lakshminarayana, speeded up the preliminary inquiry probe into the case following directions of the Andhra Pradesh High Court to submit a report in two weeks. The income-tax department had earlier observed that the reasons given by the investors for buying shares at huge premiums in JPPL were incorrect. The companies had bought shares at the rate of Rs 350 per share of JPPL. It has been alleged that they paid huge premiums for the shares because they had received benefits or had hoped for the same as Mr Jagan Mohan Reddy was the son of the then Andhra Pradesh CM.

I am convinced that in India, corruption allegations against all high profile persons, especially with the political background, will be investigated by the Agencies only when a Court directs it!

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