HC lifts freeze on bank accounts of Jagan's firms

May 23, 2012 |

Hyderabad

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In a relief to Kadapa MP Y.S. Jaganmohan Reddy, the Andhra Pradesh High Court today lifted the freeze on bank accounts of three firms-- Sakshi newspaper, TV channel and Janani Infra, owned by the YSR Congress chief.

However, the court imposed certain conditions on maintenance of accounts saying that all transactions are to be through cheques and no property should be sold until the case is completed.

On May 8, the CBI, which is investigating source of funds and other aspects of Jagan's business empire, had written to different banks ordering the freezing of all accounts in the name of Jagathi Publications, which runs Sakshi newspaper, Indira TV, which operates Sakshi TV, and Janani Infra.

According to CBI, the investigating agency had frozen 11 current accounts in different banks in the city with Rs 11 crore balance, besides Rs 103 crore of fixed deposits.

Recently, the same court issued interim stay on the government order stopping all government advertisements to Sakshi paper and TV channel, terming it as contrary to the guidelines set by the government itself.

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