`File case against those who invested in Jagan cos

Last Updated: Wednesday, August 10, 2011 - 18:59

Hyderabad: Andhra Pradesh High Court on Wednesday
directed CBI to register a case against all the investors who
invested in the companies promoted by former Congress leader Y
S Jaganmohan Reddy to find out whether those investments were
made in order to get favours from the state government.

Based on a petition filed by P Shankar Rao, state
Textile Minister,and Yerram Naidu of Telugu Desam Party, the
court ordered a full-fledged inquiry into the allegations of
investments made into Jagathi media owned by Jagan.

The bench headed by Chief justice Nisar Ahmad Kakru said
the phenomenal growth recorded by Jagathi publications owned
by Jagan Reddy and others, which were directly under the
control of the son of former chief minister Y S Rajasekhara
Reddy, needs to be looked into in view of their "abnormal"
performance.

The bench also said CBI with its corporate wing is very
well equipped to find out the "irregularities" committed by
them.

The bench said the CBI inquiry should cover not only the
purpose stated in the writ petitions but also others who have
a direct or indirect participation in the "irregularities".

The High Court also directed CBI to inquire into the
alleged irregularities of Emaar properties in land dealings in
the city.

PTI



First Published: Wednesday, August 10, 2011 - 18:59
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