BCCI chief Srinivasan appears before CBI in Jagan case

BCCI Chief and owner of India Cements, N Srinivasan, has appeared before the CBI for questioning in relation to the disproportionate assets case that the agency is investigating against Jaganmohan Reddy in Hyderabad. [caption id=“attachment_347231” align=“alignleft” width=“380” caption=“Srinivasan’s India Cement is named as a company that invested in Jagan’s firms in exchange for land and water rights in Andhra: AFP”] [/caption] India Cements is reportedly named as the 22nd accused of 74 listed by the Central Bureau of Investigation (CBI) in relation to the case. The CBI alleges that India Cements paid bribes of Rs 60 crore in the garb of investments to YS Jaganmohan Reddy and his father, former Andhra CM YS Rajsekhra Reddy, in return for official favours. It states that like many other industrialists, the Srinivasan-led India Cements subscribed to shares of Jaganmohan Reddy’s companies at a very high premium and in return he was allotted land and water from the Krishna river for his cement plants. Srinivasan has maintained however, that there have been no irregularities in the allocations of land and water for his firms’ factories in Andhra Pradesh during the tenure of former chief minister YSR Reddy. Whatever rights were been given are under the rights of industrial policy,” Srinivasan told reporters last week. When asked about being questioned by the CBI he said, “As far as the company is concerned if they want to ask us something we will cooperate.”