| Author |
Message |
    
Telugustudio
Yavvanam Kaatesina Bewarse
Username: Telugustudio
Post Number: 7916
Registered: 07-2009
Posted From: 27.7.8.83
Rating: N/A
Votes: 0 (Vote!) | | Posted on Tuesday, May 08, 2012 - 10:24 pm: |
|
Kodi_nbk:janalu patichukonappudu enta matter aytihe enti annay
 correst.
www.watchtelugu.com
|
Nayak
Kurra Bewarse
Username: Nayak
Post Number: 2971
Registered: 04-2009
Posted From: 198.228.225.173
Rating: 
Votes: 1 (Vote!) | | Posted on Tuesday, May 08, 2012 - 5:49 pm: |
|
Decoitte ni hero ga chuse samajam manadhi
Warrior
|
Capvenu
Kurra Bewarse
Username: Capvenu
Post Number: 1827
Registered: 10-2007
Posted From: 71.22.199.195
Rating: N/A
Votes: 0 (Vote!) | | Posted on Tuesday, May 08, 2012 - 3:58 pm: |
|
Kodi_nbk: clean sweep chestadu
Pvendula Roads aaaaaaaa
Ninna NTR... Nedu Balayya... Repu Mokshagna
|
Sam
Kurra Bewarse
Username: Sam
Post Number: 4120
Registered: 03-2004
Posted From: 12.176.249.232
Rating: N/A
Votes: 0 (Vote!) | | Posted on Tuesday, May 08, 2012 - 2:24 pm: |
|
Bignole:Janal pattinchukoru..aadini Bokka lo eyyaru sakkaga 2014 tarvatha CM avutaad
nuvvu beccu mathram stand maroddu ani gattigaaa koruthunaaa |
Kodi_nbk
Yavvanam Kaatesina Bewarse
Username: Kodi_nbk
Post Number: 9380
Registered: 12-2005
Posted From: 136.1.1.102
Rating: N/A
Votes: 0 (Vote!) | | Posted on Tuesday, May 08, 2012 - 2:23 pm: |
|
Bignole:Janal pattinchukoru..aadini Bokka lo eyyaru sakkaga 2014 tarvatha CM avutaad
elagu eyaru poraptuna esina malli baytaku ravadu vaste ante clean sweep chestadu sympathy to
Sahayam Cheyandi Miku Tochinadi http://i40.tinypic.com/9kotif.jpg
|
Sam
Kurra Bewarse
Username: Sam
Post Number: 4119
Registered: 03-2004
Posted From: 12.176.249.232
Rating: N/A
Votes: 0 (Vote!) | | Posted on Tuesday, May 08, 2012 - 2:23 pm: |
|
Bignole:http://indiatoday.intoday.in/story/jagan-mohan-reddy-the-pri nce-of-cash/0/121270.html
Jagan anukoni vuntaadu Rs.1 theft chesina $1L crores theft chesinaa andharu donge antaaaru..... adedo pedda donga ayithene better kadaaa anukoni vuntaadu...
lekapothe dabbu sampadhinchatam okay... daaniki kasstha kasa bisa masa okay... kaaani maree intha vichala vidiga sampadhinchi emi chesukuntaadu idhanthaaaa |
Bignole
Mudiripoyina Bewarse
Username: Bignole
Post Number: 19120
Registered: 03-2004
Posted From: 148.87.67.205
Rating: N/A
Votes: 0 (Vote!) | | Posted on Tuesday, May 08, 2012 - 2:22 pm: |
|
Janal pattinchukoru..aadini Bokka lo eyyaru sakkaga 2014 tarvatha CM avutaad
|
Kodi_nbk
Yavvanam Kaatesina Bewarse
Username: Kodi_nbk
Post Number: 9378
Registered: 12-2005
Posted From: 136.1.1.102
Rating: N/A
Votes: 0 (Vote!) | | Posted on Tuesday, May 08, 2012 - 2:20 pm: |
|
janalu patichukonappudu enta matter aytihe enti annay
Sahayam Cheyandi Miku Tochinadi http://i40.tinypic.com/9kotif.jpg
|
Seenu454
Yavvanam Kaatesina Bewarse
Username: Seenu454
Post Number: 5386
Registered: 01-2006
Posted From: 68.199.98.228
Rating: N/A
Votes: 0 (Vote!) | | Posted on Tuesday, May 08, 2012 - 2:20 pm: |
|
Big annai  |
Bignole
Mudiripoyina Bewarse
Username: Bignole
Post Number: 19119
Registered: 03-2004
Posted From: 148.87.67.205
Rating: N/A
Votes: 0 (Vote!) | | Posted on Tuesday, May 08, 2012 - 2:18 pm: |
|
http://indiatoday.intoday.in/story/jagan-mohan-reddy-the-pri nce-of-cash/0/121270.html
Crores of rupees were spent by rebel Andhra Pradesh Congress leader Y.S. Jagan Mohan Reddy, more popularly known as simply Jagan, on his recently concluded Odarpu Yatra, which covered most of rural Andhra Pradesh, lasted for months and drew huge crowds. Where did the money come from? Jagan recently paid an advance tax of Rs.84 crore for the first six months of 2010-11 on a projected annual income of around Rs.500 crore.
Jagan at the Hyderabad office of his newspaper Sakshi
Jagan at the Hyderabad office of his newspaper Sakshi
Which means his income is slated to go vertical by more than 5,000 per cent this year. Barely a month before his father Y.S. Rajasekhara Reddy became Andhra Pradesh chief minister in May 2004, Jagan's total declared earnings for 2003-04 were a paltry Rs.9,19,951. Five years later, when he contested elections from Kadapa, his declared net worth was Rs.77.40 crore - an increase of 775 per cent.
"Even Bill Gates' income has not grown by such leaps and bounds," says TDP leader and former finance minister Yanamala Ramakrishnudu. Sources in Hyderabad allege that Jagan and wife Bharathi Reddy's assets-both movable and immovable, held in their own names and those of Jagan's sister Sharmila and her evangelist husband Brother Anil Kumar-amount to a staggering Rs.5,000 crore.
TO THEIR MUTUAL BENEFIT
Ramky Group promoter Ayodhya Rami Reddy, who bought 55,555 Jagati shares, was allotted land for a special economic zone at Visakhapatnam along with various irrigation projects.
Ramky Group promoter Ayodhya Rami Reddy, who bought 55,555 Jagati shares, was allotted land for a special economic zone at Visakhapatnam along with various irrigation projects.
Nimmagadda Prasad, founder-promoter of Matrix Laboratories, bought Sandur and Jagati shares. In return, a port company in which he is a partner was allowed to develop three port projects in the state.
Nimmagadda Prasad, founder-promoter of Matrix Laboratories, bought Sandur and Jagati shares. In return, a port company in which he is a partner was allowed to develop three port projects in the state.
Jagan's wealth increased exponentially once his father became chief minister. The junior Reddy began his business career by bagging contracts worth Rs.25 crore for mini-hydroelectric projects in Karimnagar, Andhra Pradesh, and Shimoga, Karnataka. He also bought 487.20 acres of land at Rs.1 lakh an acre to mine limestone at Thippalur and Nallingapalli in Kadapa district. Jagan's wealth comes mainly from three entities-Sandur Power Co. Ltd which he took over from promoter M.V. Ghorpade in 2001, Bharathi Cement Corporation Ltd (BCCL), Jagati Publications, incorporated in 2006, which rolls out the Telugu daily Sakshi, and Indira TV that owns Sakshi TV. A network of closely held family companies has cross-holdings in Sandur and Jagati.
Jagan's business strategy, devised by competent financial advisers led by accomplished Chennai-based auditor V. Vijaya Sai Reddy, is to make huge profits by offloading company shares to mobilise funds, which are later invested in new projects. For Sandur Power, Jagan raised Rs.134 crore in 2003-Rs.40.20 crore as equity and Rs.93.80 crore as loans. IDFC gave a loan of Rs.36.80 crore, the State Bank of Mysore Rs.25 crore and Andhra Bank Rs.32 crore.
By the time YSR became chief minister again in 2009, Jagan had spent Rs.107 crore on Sandur. Once it started operations, he decided to make Sandur debt-free and began to look for private investors. He hired the valuation firm S.S. Kantilal Ishwarlal Securities Pvt. Ltd, which valued the company at Rs.370 crore. Jagan then raised Rs.124.60 crore by selling 32.7 per cent of his stake in Sandur to two Mauritius-based corporations-2i Capital PCC and Pluri Emerging Companies PCC. The premium on a Rs.10 share was Rs.61. "I would have earned big money by disinvesting, but I didn't do it," says Jagan. "Those who go in for disinvestment prefer to undervalue. I enhanced the company's equity, even though it meant I would be holding a lesser share." By March 2006, Sandur had repaid all outstanding loans.
According to Jagan, Sandur Power's annual turnover is around Rs.35 crore, with an unbelievable cash profit of around Rs.25 crore. He says that profits are ploughed back into his myriad companies. However, many of Jagan's transactions smack of patronage for profit. Between April 1, 2007 and March 31, 2008, he sold 21,42,860 Sandur shares at Rs.140 each to Nimmagadda Prasad, founder-promoter of pharmaceutical company Matrix Laboratories and earned a profit of nearly Rs.30 crore. Prasad also bought 19,44,441 Jagati Publications shares in the name of Gilchrist Investments Pvt. Ltd, Alpha Villas Pvt. Ltd and Alpha Avenues Pvt. Ltd at Rs.350 a share.
Jagan during his yatra to meet those who lost relatives after YSR
Jagan during his yatra to meet those who lost relatives after YSR's death
Around the same time, VANPIC Ports Pvt. Ltd, a company in which Prasad and the Ras al-Khaimah Government are partners, was allotted the rights to develop Chirala, Vodarevu and Nizampatnam port projects in Andhra Pradesh on a build-operate-transfer basis. Jagan has also sold around 82,00,000 Sandur shares at Rs.140 a share to ZM Infotech, Chennai, Nelcast Finance Ltd, Excel Prosoft Ltd, Sai Surya Warehousing Ltd and Sigma Oxygen Ltd, raising around Rs.115 crore. "Selling his company's stake to mobilise funds for reinvesting in new projects is how any businessman would do his business," says Jagan.
It is more than coincidence that those who purchased stakes in Jagan's businesses were allotted land, projects and contracts, including Special Economic Zones (SEZ) by the Andhra Pradesh government led by his father. Ayodhya Rami Reddy-the promoter of Ramky Group held through Eres Projects Pvt. Ltd and TWC Infrastructure Pvt. Ltd-who bought 55,555 Jagati shares was allotted land for an SEZ at Visakhapatnam along with various irrigation projects. B. Partha Saradhi Reddy (1,11,109 Jagati shares), promoter of Hetero Drugs Group-held through Hetero Health Care Ltd, Hetero Drugs Ltd and Hetero Labs-was allotted land for two SEZs at Nakkapalli and Jadcherla. Building rules were relaxed for Jagati investor P. Pratap Reddy (5,55,555 Jagati shares in the name of Pioneer Infrastructure Holding Ltd), promoter, Penna Cements, to construct a hotel on Road No. 2, Banjara Hills, Hyderabad. Prasad V. Potluri (13,88,888 Jagati shares held through PVP Business Ventures Pvt. Ltd), promoter, PVP Ventures, was allotted disputed land in Nadergul, Ranga Reddy district.
"Under the guise of buying shares, they have paid kickbacks to Jagan," alleges TDP President N. Chandrababu Naidu. "Otherwise, how else can Jagati Publications allot shares at such high premium within months of incorporation?" In 2008, auditing firm Deloitte estimated the worth of the publications, which owns the powerful 26-edition Telugu newspaper chain Sakshi with a total circulation of 12 lakh copies, at Rs.3,500 crore. It is odd that the balance sheets of 14 companies which invested Rs.42.56 crore in 2007 and 2008 in Jagati show an accumulated loss of Rs.68.95 lakh.
The main ones - Stocknet International and Artillegence Bio Innovation-are listed on the Bombay Stock Exchange and have as investors 12 other companies: Delton Exim Pvt. Ltd, Kirti Electro Systems, Bay Inland Finance, Bhaskar Fund Management Ltd, Cliftons Pearson Export and Agencies Ltd, Ganga Builders Ltd, Ispat Sheets Ltd, Gromore Fund Management Company Ltd, New Outlook Securities, Super Finance Ltd, Shakti Ispat Production Pvt. Ltd and Shivalaxmi Exports Ltd. The bank accounts of these companies are in the Gol Park branch of HDFC Bank and the Baliganj branch of the South Indian Bank Ltd in Kolkata. Several of these firms have been or are being investigated by the Securities and Exchange Board of India for unfair trade practices and fraud.
In April 2010, Jagan sold his controlling stake-51 per cent of the 69 per cent he held-in BCCL to French multinational Vicat, which was inducted as a strategic partner. Jagan's original investment in BCCL was Rs.45.18 crore and Income Tax sources say that the sale of shares brought him Rs.3,053 crore.
BCCL has an output capacity of 2.5 million tonnes; industry sources calculate that with cement priced internationally at around $200 a tonne, the deal translates into at least $500 million. Interestingly, the stake was sold in less than three years before the company attained its capacity production. Vicat has become the dominant player in cement production not just in Andhra Pradesh but in south India. Jagan's political opponents allege that the earnings from the BCCL-Vicat deal serve as his cash cow.
Last year, the state government headed by YSR gave Jagan-owned Saraswati Power and Industries Ltd 613.70 hectares of limestone quarries, valued at Rs.3,000 crore in Dachepalli and Machavaram mandals of Guntur district on a 30-year lease, to set up a seven-million tonne cement plant. According to terms, Jagan has to pay the state government a rent of Rs.100 a hectare for the first two years, raised to Rs.400 a hectare for following years; as well as Rs.58 for every tonne of limestone mined as royalty and cess.
The government issued the lease order on May 18, 2009, on the first working day after the 2009 Assembly election results were announced; this was even before the board of Saraswati Power had finalised plans to diversify into cement production. On July 8, 2009, the board allotted 37,50,000 shares of Saraswati Power (of a total 70,00,000) to Jagan at Rs.40 a share. On September 1, 2009, an additional 7,50,000 shares were allotted to him. Altogether, the shares were worth Rs.18 crore. Jagan's businesses are an intricate web of cross-holdings in his own companies. Saraswati Power, for instance, has investments in Sandur Power and Pulivendula Polymers, another firm owned by Jagan.
"What does one look for in an investor?" asks Jagan. "If it's an individual, one examines his Permanent Account Number (PAN) and checks whether the cheques he issues are honoured. In the case of a company, one studies the memorandum and articles of association and resolutions of the board as well as the PAN. We sell shares or go for a public issue based on these parameters." Ostensibly, Jagan conducts his business by conforming fully to the laws and rules of business, including the Companies Act, to evade scrutiny for having gained wealth through political favouritism. Meanwhile, Income Tax authorities are monitoring all financial transactions involving Jagan's pan ABEPY9757H as well as his companies.
|
|
Archives - 2012