By S A Ishaqui
Hyderabad, Nov 1:A division bench comprising acting Chief Justice Ghulam Mohammed and Justice Nooty Rama-mohana Rao of the AP High Court on Tuesday wondered whether the share value of a company could be as high as Rs 5 lakh.
The bench was hearing a plea against the TD chief, Mr N. Chandrababu Naidu, by Ms Y.S. Vijayalakshmi, wife of late chief minister, Dr Y.S. Rajasekhar Reddy, seeking a probe into alleged amassing of wealth by Mr Naidu, through illegal gratification when he was the chief minister of the state. Mr Sushil Kumar, senior counsel from the Supreme Court, appearing for the petitioner explained to the court about various deals including land allotment to IMG Bharata, Krishna Godavari Basin gas supply agreement with Reliance and the role of media baron Mr Ch. Ramoji Rao in finalising the gas deal.
He said the IMG deal was finalised within three days of incorporating the IMG Academy without referring it to the Cabinet. The successive government ordered a CBI probe into the deal and the Centre did not accord its consent till date on the decision. He alleged that in consideration for the favour done by Mr Naidu in allowing the state’s KG Basin claim to be brushed under the carpet, the Reliance group facilitated the payout of Mr Ramoji Rao’s debts to his depositors.
He said one of the close associates of the Reliance Group, Mr Nimesh Kampani, extended himself in ensuring that Mr Ramoji Rao would be bailed out. Within a short span of 37 days between December 2007 and January 2008, six “shell companies” were floated on three addresses, which are shown as Sriram Mills Compound, Worli, which is the official address of Reliance Industries Limited. Reliance diverted Rs 2,604 crores of its shareholders money through the shell companies to Mr Kampani’s Equator Trading India Limited and Chajlani’s Anu Trading.
According to the Form 2, filed by Ushodaya Enterprises with the Registrar of Companies, shares allotted to Equator Trading Enterprises Ltd are shown at a premium of Rs 5,28,630 per share. The senior counsel contended that obliviously it must be a pay off.
Referring to the growth of Heritage Food owned by Mr Naidu’s family, the senior counsel contended that the material which they produced before the court was sufficient to order a preliminary probe against the irregularities committed by Mr Naidu and his associates when they are in power. He urged the court to order a preliminary inquiry by the CBI against TD chief. The court adjourned the hearing.
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