Rs.232-cr Bharathi Cement, India Cements properties attached

February 26, 2015 07:16 pm | Updated November 17, 2021 04:05 am IST - HYDERABAD:

Enforcement Directorate officials attached movable and immovable properties valued at Rs. 232.28 crore belonging to Bharathi Cement and India Cements companies in the ‘quid pro quo’ case involving YSR Congress Party chief Y.S. Jagan Mohan Reddy.

The ED’s Hyderabad Zone officials said in a press release that the attached properties included five immovable assets valued at Rs. 6 crore and 24 movable assets valued at Rs. 226 crore. The attachment order was based on the charge-sheet filed by the CBI alleging that M/s The India Cements Limited managing director N. Srinivasan paid bribes to Y.S. Jagan in the guise of investments in the latter’s companies.

The bribes, according to the charge-sheet, were paid for the undue favours received by Mr. Srinivasan’s company from the Government of Andhra Pradesh. Mr. Y.S. Jagan’s father Y.S. Rajasekhara Reddy was the Chief Minister then.

A case under Prevention of Money Laundering Act against Mr. Jagan and others was registered. Investigation revealed that M/s Carmel Asia Holdings Limited, M/s Jagati Publication Limited, M/s Bharati Cement Corporation Private Limited and M/s The India Cements Limited had laundered the proceeds of the crime in the form of investments.

Details of the attached properties are as follows:

Immovable properties: * 2.11 acre of land, Tadigotla village, Chintakommaddine mandal, Kadapa, of M/s Janani Infrastructure Limited

*1.97 acre land, Madhurawada village, Visakhapatnam, Janani Infrastructure

*2 acre three guntas land Vagata village, Jadigenahalli, Hoskote, Bengaluru, Janani Infrastructure

*886 square yards plot with constructed building spread over 8,000 square feet, Punjagutta, Hyderabad, India Cements

*245.86 acres land, Konauppalapadu village, Yadiki mandal, Anantapur, India Cements Limited

Immovable properties

*Fixed deposits of Rs. 95.33 crore held by Bharati in Vijaya Banka, Banjara Hills

*Shares worth Rs. 86.67 crore of M/s Trinetra Cements Limited held by India Cements

*Rs. 20.32 crore debentures of Coromandal Sugars held by India Cements

*Rs. 10.20 crore worth equity shares of M/s Indira Television held by Jagati

*Rs. 10 crore worth shares of Trinetra Cements held by India Cements.

*Rs. 3.20 crore of share application money pending allotment with Saraswati Power held by Carmel Asia Holdings

*Rs. 25 lakh worth equity shares of India Television held by Carmel Asia Holdings.

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