Hyderabad, November 1: Managing Director of India Cements Ltd (ICL) N. Srinivasan appeared in a special court here on Friday as the third accused in a case against the company, as part of the quid pro quo investments cases against Kadapa MP Y.S. Jaganmohan Reddy and others.
The Central Bureau of Investigation (CBI) has alleged quid pro quo arrangements between the ICL and Mr. Jagan’s firms.
Besides Mr. Srinivasan, Mr. Jagan, V. Vijay Sai Reddy, IAS officers M. Samuel and Aditya Nath Das, Raghuram (Bharati) Cements, ICL, Jagati Publications and Carmel Asia Holdings are the other accused in the case.
All the accused were present in the court and the four companies were represented by Mr. Jagan and Mr. Srinivasan. They furnished personal security bonds worth Rs. 25,000 each to the court.
Mr. Srinivasan arrived in court half-an-hour before the court proceedings commenced.
“I have not done anything wrong and will prove my innocence in the court. I have nothing to say beyond this,” Mr. Srinivasan said, while leaving the court about an hour later.
ICL shown undue favours
In the chargesheet filed on September 10, the CBI stated that ICL was shown undue favour by the government in the allocation of 13 MCFt (0.013 TMCft) water to its cement plant in Ranga Reddy district from the Kagna river in addition to the existing permission, another 0.058 TMCft water from the Krishna river to its plant in Nalgonda district, and extension of limestone mining land lease for 25 years in Kadapa district during 2008 and 2009.
In return, ICL had invested Rs. 140 crore in Mr. Jagan’s companies – Rs. 40-crore in Jagati Publications, Rs. 95-crore in Raghuram (Bharati) Cements and Rs. 5-crore in Carmel Asia Holdings.
Jagan influenced his father
The CBI stated that Mr. Jagan had helped the company get the undue benefits by influencing the then Chief Minister, his father Y.S. Rajasekhara Reddy.
Second Additional Special Judge for CBI Cases M.V. Ramesh posted the case to December 3.
