Managing Director of India Cements N. Srinivasan appeared in a special court in Hyderabad on Friday as an accused in one of the aspects of quid pro quo investments cases against Kadapa MP Y.S. Jaganmohan Reddy and others.
Mr. Srinivasan is the third accused in the case against India Cements and the Central Bureau of Investigation (CBI) has alleged quid pro quo arrangement between the company and the firms belonging to Mr. Jagan. Mr. Jagan, V. Vijay Sai Reddy, IAS officers M. Samuel and Aditya Nath Das and companies Raghuram (Bharati) Cements, India Cements, Jagati Publications and Carmel Asia Holdings are other accused named in the case.
In the charge-sheet filed on September 10, the CBI alleged irregularities in the allocation of water to India Cements’ units in Nalgonda and Ranga Reddy from the Krishna and Kagna rivers, respectively. The company had also got a limestone mining lease extended in Kadapa district in violation of norms, the CBI alleged.
The investigating charged that India Cements had secured those benefits under quid pro quo arrangement and invested Rs. 140 crore in Mr. Jagan’s companies. Mr. Jagan had helped the company get the benefits by influencing the government led by his father and then Chief Minister Y.S. Rajasekhara Reddy.
Besides Mr. Srinivasan, Mr. Jagan, Mr. Vijay Sai Reddy, Mr. Samuel and Aditya Nath Das appeared in the court following the charge-sheet taken into cognizance on September 25. Second Additional Special Judge for CBI Cases M.V. Ramesh posted the case to December 3.
Mr. Srinivasan was in the court for more than an hour as he arrived there half-an-hour before the commencement of court proceedings. Mr. Srinivasan said while leaving the court that he did nothing wrong and would prove his innocence in the court
Mr. Srinivasan is the third accused in the case against India Cements and the Central Bureau of Investigation (CBI) has alleged quid pro quo arrangement between the company and the firms belonging to Mr. Jagan. Mr. Jagan, V. Vijay Sai Reddy, IAS officers M. Samuel and Aditya Nath Das and companies Raghuram (Bharati) Cements, India Cements, Jagati Publications and Carmel Asia Holdings are other accused named in the case.
In the charge-sheet filed on September 10, the CBI alleged irregularities in the allocation of water to India Cements’ units in Nalgonda and Ranga Reddy from the Krishna and Kagna rivers, respectively. The company had also got a limestone mining lease extended in Kadapa district in violation of norms, the CBI alleged.
The investigating charged that India Cements had secured those benefits under quid pro quo arrangement and invested Rs. 140 crore in Mr. Jagan’s companies. Mr. Jagan had helped the company get the benefits by influencing the government led by his father and then Chief Minister Y.S. Rajasekhara Reddy.
Besides Mr. Srinivasan, Mr. Jagan, Mr. Vijay Sai Reddy, Mr. Samuel and Aditya Nath Das appeared in the court following the charge-sheet taken into cognizance on September 25. Second Additional Special Judge for CBI Cases M.V. Ramesh posted the case to December 3.
Mr. Srinivasan was in the court for more than an hour as he arrived there half-an-hour before the commencement of court proceedings. Mr. Srinivasan said while leaving the court that he did nothing wrong and would prove his innocence in the court
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