CBI to quiz BCCI Prez in Jagan case
The CBI has summoned India Cements Ltd MD and the country’s cricket board president, N Srinivasan, for questioning in connection with the agency’s probe into the disproportionate assets case against YSR Congress chief Jagan Mohan Reddy. CBI summons SrinivasanUpdated: Jun 08, 2012, 23:31 IST
The CBI has summoned India Cements Ltd MD and the country’s cricket board president, N Srinivasan, for questioning in connection with the agency’s probe into the disproportionate assets case against YSR Congress chief Jagan Mohan Reddy.
The Board Of Control For Cricket in India (BCCI) chief has been asked to appear before the Central Bureau of Investigation here next week, a source in the agency said on Friday.
The agency is probing the investments made by the cement major in companies promoted by the Kadapa MP — during his father YS Rajasekhara Reddy’s tenure as Andhra Pradesh chief minister — allegedly in return for out-of-turn allotment of water for its plants.
According to the CBI source, one such investment of Rs 5 crore by India Cements in a Jagan company was done through the purchase of shares at a high premium. The CBI is trying to establish that the alleged quid pro quo deal helped the cement major’s plants in Nalgonda and Ranga Reddy districts double their capacity.
“The possibility of the deal having helped India Cements get its land lease in Kadapa district extended is also under the scanner,” the source added.
Srinivasan denied any wrongdoing. “The company has responded in detail to the CBI… water rights were given within the industrial policy of Andhra Pradesh,” PTI quoted him as telling a news channel.
“We bought shares and (later) sold it a huge profit. All this has been explained… there is nothing untoward in the entire transaction,” Srinivasan added. Meanwhile, the Andhra Pradesh high court granted the CBI two-day custody of Jagan — who is in jail — for questioning.