VIJAYAWADA: Andhra Pradesh CID filed a case against YSRCP Rajya Sabha MP V Vijaysai Reddy, his son-in-law P Sharath Chandra Reddy and Y Vikranth Reddy, son of YSRCP MP YV Subba Reddy on Tuesday on charges of forcibly transferring shares of Kakinada Port in their names.
Cases were also registered against PKF Sridhar & Santhanam LLP, and Aurobindo Realty and Infrastructure Pvt Ltd, its directors and others.
The complaint, filed by Karnati Venkateswara Rao, alleged that he was forced and coerced to part with his shares in Kakinada Seaports Ltd and Kakinada Special Economic Zone for a pittance. He claimed the “forcible takeover” of his shares was part of a plan by former CM YS Jagan Mohan Reddy.
Rao stated that soon after the YSRCP tenure began in 2019, the govt appointed PKF & Santhanam for a special audit. It also appointed another Mumbai auditing company for a forensic audit. PKF informed him that they had unearthed irregularities worth Rs 1,000 crore, and the report was submitted to the govt.
He stated in the complaint that Vijaysai asked him to talk to Vikranth, who in turn brought the proposal of taking over his shares in KSPL. When he protested, Vikranth warned that criminal cases would be filed against him and his family members. The share transfer was done in a hurried manner without due diligence, Rao alleged, adding that Vikranth told him he was following instructions of Jagan.
He further alleged that his 41.1% stake in KSPL and 48.74% stake in KSEZ were taken over for just Rs 494 crore and Rs 12 crore, respectively. According to him, even by conservative estimates, value of KSPL would be over Rs 2,500 crore, as it already had a share purchase agreement of Rs 400 crore with GMR Group, which is a majority stakeholder in KSEZ.
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