Companies

Minister seeks CBI probe into Emaar Properties

Our Bureau Hyderabad | Updated on January 26, 2011

The Andhra Pradesh Minister for Handlooms and Textiles, Dr P. Shanker Rao, said that a thorough probe into various issues relating to Emaar Properties, change of its equity structure and involvement and misuse of power by Mr Y.S. Jagan Mohan Reddy, MP and son of late Dr Y.S. Rajashekara Reddy, is required.

Addressing a press conference on Tuesday, a day after the Andhra Pradesh High Court admitted a letter he submitted as an MLA late last year, Dr Rao said the issue involved in various transactions are significant and have a bearing on the State exchequer.

He said that a probe into transactions Mr Jagan Mohan had with several companies would bring about various facets of financial irregularities. In fact, people want various assets to be seized as this would pave way for a thorough probe into how a person with small IT returns in 2004 now commands thousands of crores.

A Division Bench of AP High Court comprising Mr Justice V. Eswariah and Mr Justice V. Suri Appa Rao, ordered notices in a writ petition seeking enquiry by the CBI into the alleged illegal wealth amassed by Mr Jagan Mohan.

A letter written by Dr Rao, when he was an MLA in November 2010, now a Cabinet member, alleged that shares of companies floated by Mr Jagan Mohan were purchased at exorbitant prices by some persons and companies who benefited when DrY.S. Rajasekhara Reddy was the Chief Minister.

The petitioner had contended that these funds were invested in Jagati Publications which manages Sakshi daily and Sakshi TV.

He said the law will take its course and expose those involved.

Published on January 26, 2011

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