Jagan Mohan Reddy disproportionate assets case: CBI summons BCCI chief N Srinivasan

June 8, 2012

srinivasan_bcci_reuters_271x181Hyderabad, June 8: There has been a new twist in the Jagan Mohan Reddy disproportionate assets case. The Central Bureau of Investigation (CBI) has summoned the Board of Control for Cricket in India (BCCI) chief and India Cements MD N Srinivasan in connection with the case.

Srinivasan has been summoned in his capacity as the Managing Director of India Cements Ltd. The CBI wants Srinivasan to explain his firm's investments in Jagan's companies. The CBI believes that India Cements got benefits in the form of enhanced water allocations under the YSR regime, enabling it to double its production.

The CBI, which is probing the corruption charges against Jagan questioned Andhra Pradesh Information Technology Minister Ponnala Lakshmaiah for over eight hours on Thursday.

After being summoned, the Minister appeared before the agency which questioned him regarding the Government Orders (GOs) issued during 2004-09 by the Irrigation Department, when he was the Major Irrigation Minister in the cabinet of late YS Rajasekhara Reddy, on supply of water to manufacturing plants of some cement firms. These firms allegedly made investments in Jagan's businesses.

Senior IAS officer Adityanath Das, who was the then Principal Secretary of Irrigation, was also quizzed with regard to the GOs, sources said.

Ponnala is among the six Andhra Pradesh Ministers who were issued notices by the Supreme Court in March seeking their stand on the allegations about their alleged roles in the corruption case against Jagan.

The central agency, which has so far arrested Jagan, his financial advisor V Vijay Sai Reddy (currently out on bail), former AP Minister Mopidevi Venkatramana Rao, industrialist Nimmagadda Prasad and senior bureaucrat KV Brahmananda Reddy, has also quizzed two other AP Ministers - Sabitha Indra Reddy and Dharmana Prasada Rao - over GOs that allegedly benefited some companies.

The CBI chargesheets allege that Jagan and his father had hatched a conspiracy to defraud the government, and the firms receiving government favours would invest in Jagan's companies as a quid pro quo.

The five-day custodial interrogation period of Jagan ended on Thursday, and the CBI took him back to Chanchalguda jail where he is under judicial custody till June 11.

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News Network
February 5,2020

New Delhi, Feb 5: Union Home Minister Amit Shah on Tuesday announced that the Shri Ram Janmabhoomi Teertha Kshetra, set up by the government for construction of a temple in Ayodhya, will have 15 trustees and one of them will be from the Dalit community.

The statement comes a little over an hour after Prime Minister Narendra Modi announced in Lok Sabha about the constitution of the trust.

"There will be 15 trustees in the Shri Ram Janmabhoomi Teertha Kshetra Trust out of which one trustee will always be from the Dalit society," he tweeted.

Shah congratulated Modi "for such an unprecedented decision" that strengthens social harmony.

The home minister said the trust will be independent to take every decision related to the temple and 67 acres of land will be transferred to it.

"I fully believe that the waiting of millions of people for centuries will be over soon and they will be able to pay obeisance to Lord Shri Ram in his grand temple at his birthplace," he said.

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News Network
January 31,2020

Jan 31: President Ram Nath Kovind on Friday hailed the contentious Citizenship Amendment Act as "historic" in his address to joint sitting of both houses of Parliament, prompting protests by some opposition members.

He also said that debate and discussion on any issue strengthens democracy while violence during protests weaken it.

"The Citizenship Amendment Act is a historic law. It has fulfilled wishes of our founding fathers including Mahatma Gandhi," he said.

"Debate and discussions strengthen democracy, but violence during protests weaken democracy," he said without directly referring to the anti-CAA protests in the country some of which have witnessed violence.

In a reference to abrogation of Article 370, Kovind said there is happiness among people of India that people in Jammu and Kashmir and Ladakh have got rights on par with the rest of the country.

The president said Parliament has created record in the first seven months of the new government headed by Narendra Modi by enacting several landmark legislations.

"My government is taking strong steps for making this decade as India's decade and this century as India's century," he said.

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July 1,2020

Jul 1: Gold prices in India hit an all-time high on Wednesday, tracking a global rally, as surging coronavirus cases in many countries raised the metal's safe-haven appeal.

Local gold futures hit an all-time high of Rs 48,871 ($646.66) per 10 grams in early trade, taking their gains to 25% in 2020 so far. The contract had gained nearly 25% in 2019.

However, this dampened the retail demand for gold in India, the world's second-largest consumer of the precious metal.

"Retail demand is negligible. Buyers are postponing purchases anticipating a correction in prices," said a Mumbai-based bank dealer with a bullion importing bank.

In thin trade, dealers were offering a discount of up to $22 an ounce over official domestic prices on Wednesday afternoon, up from the last week's $18. The domestic price includes a 12.5% import tax and 3% sales tax.

The country's gold imports in May plunged 99% from a year earlier as international air travel was banned and jewellery shops were closed amid a nationwide lockdown to curb the spread of coronavirus.

In overseas market, spot gold firmed near an eight-year peak on Wednesday, as a spike in coronavirus cases in the United and States and many other countries has cast a shadow on hopes for a quicker global economic recovery, driving inflows into safe-haven assets.

According to a latest Reuters tally, the coronavirus has infected more than 10.48 million people worldwide so far.

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