FIR against YSRCP leaders claims ports firm was acquired at Jagan’s behest by threatening, coercing CMD

The named individuals did not respond to repeated calls and messages seeking comment. Jagan oregon his bureau and the YSRCP did not respond to queries seeking a remark either. In effect to an email, B Adi Reddy, the Company Secretary of Aurobindo Pharma wrote, “Aurobindo Pharma Limited oregon its subsidiaries are successful nary mode connected with the ownership oregon operations of Kakinada Seaports Limited and Kakinada SEZ Limited including Auro Infra Private Limited.”

Rao has alleged that 40 per cent of KSPL, valued astatine Rs 2,500 crore, was forcibly acquired for Rs 494 crore done coercion and intimidation. Rao besides stated that 49 per cent of the Kakinada Special Economic Zone (SEZ), valued astatine Rs 400 crore, was forcibly acquired for conscionable Rs 12 crore, adjacent though different multinational conglomerate had already fixed an connection of Rs 400 crore.

“This full cognition was planned and conducted to usurp my shareholding successful KSPL and Kakinada SEZ and transportation the shares to Aurobindo group. They claimed that KSPL owed Rs 965.65 crore to the Government of Andhra Pradesh arsenic KSPL had suppressed gross revenue, which is false, and threatened to record cases,” helium has alleged successful the complaint.

When contacted, Rao claimed, “I was acrophobic to lodge a ailment due to the fact that Jagan Mohan Reddy was the CM until May this year. My ailment would not person been taken, I would person been harassed, and determination would person been nary accidental of getting immoderate justice. I americium emboldened present that others who person faced akin situations are lodging complaints.”

In his complaint, Rao claimed that successful May 2020, Vijayasai called and informed him that Vikranth would interaction him for the acquisition of shares successful KSPL.

“Vikranth claimed that it was not himself but Andhra CM Jagan Mohan Reddy who was acquiring the shares. I tried to interaction the past CM but helium did not conscionable contempt champion efforts,” Rao has alleged.

Rao claims the coercion started with the insinuation that KSPL suppressed gross gross and deprived the Andhra authorities of Rs 1,000 crore from 2015 to 2019.

Rao claimed that aft the YSRCP came to powerfulness successful 2019, KSPL stopped receiving practice from the Directors of the Port/AP Maritime Board successful the behaviour of operations.

On November 13, 2019, KSPL received a missive from the authorities authorities that it had appointed the steadfast PKP Sridhar and Santhanam LLP to behaviour peculiar audits for public-private concern (PPP) ports, and KSPL was directed to furnish the full information for the fiscal years from 2015 to 2019.

Rao has alleged that successful May 2020, helium met Vikranth, who informed him that a peculiar audit had recovered that Rs 1,000 crores was denied to the authorities authorities arsenic KSPL had suppressed gross gross and that the authorities authorities would rise a request for Rs 965.65 crore.

He alleged, “I tried to explicate that determination were nary irregularities and that auditors had fabricated records. I was told that if the authorities authorities raises the Rs 1,000 crore demand, KSPL would beryllium successful heavy trouble. In lieu of that, I was asked to portion with my 50 per cent involvement successful KSPL and 48.74 per cent involvement successful Kakinada SEZ… I was told that it was not Vikranth but CM Jagan Mohan Reddy who was acquiring the shares. I was told that if I did not agree, determination would beryllium respective transgression cases and vigilance inquiries which could effect successful my apprehension arsenic good arsenic the apprehension of my household members. I was told that I would beryllium paid a nominal magnitude for the transportation of my shareholdings and I was forced to comply.”

Rao alleged that erstwhile helium made the agreements done a steadfast appointed by Vikranth, helium was unaware successful whose favour the agreements were being made and who would deposit the amount. He claimed that helium came to cognize aboriginal that the shares successful KSPL and KSEZ were being sold to Aurobindo Realty and Infrastructure Private Limited.

Rao claimed that the shares were undervalued, and helium was informed that the full worth was Rs 494 crores for 41.12 per cent of shares. “I protested that the worth would not beryllium little than Rs 2,500 crores, but I was told astir the consequences, and forced to sign. After the agreements were made, Vikaranth and Sarath asked maine to travel to Vijayawada to conscionable Chief Minister Y S Jagan Mohan Reddy astatine his house. When I tried to protest, the CM did not let maine to accidental thing and asked maine to travel Vikranth’s directions,” helium alleged.

“In May 2020, I was besides asked to transportation 48.74 per cent stock successful KSEZ for Rs 12 crore, which was transferred to Aurobindo. It aboriginal acquired the equilibrium involvement from GMR group, frankincense becoming the 100 per cent shareholder successful Kakinada SEZ,” helium alleged.

The 2 companies

Kakinada Seaports Ltd (KSPL) is simply a institution registered nether the Companies Act and a concessionaire. In March 1999, it entered into an statement with the Andhra Pradesh authorities to put in, make infrastructure, maintain, and run Kakinada Deep Water Port.

The Kakinada SEZ Ltd was formed successful 2003 and acquired 8,320 acres of onshore successful villages Ponnada, Mulapeta and Ramannakkapeta astir Kakinada successful East Godavari District for mounting up the peculiar economical zone.