HC asks CBI to file case against those who invested in Jagan cos

Aug 10, 2011 |

Hyderabad

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Andhra Pradesh High Court today 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.

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