No irregularities in India Cements' deals says N Srinivasan

N Srinivasan, MD of India Cements and BCCI President, today said there had been no irregularities in allocations of land and water for his firms’ factories in Andhra Pradesh during the tenure of former chief minister YSR Reddy. Srinivasan has been summoned by the CBI in connection with allegations that India Cements invested in firms owned by Jaganmohan Reddy in order to obtain land and water concessions from the government. Reddy has been arrested in the case and is presently in judicial custody. [caption id=“attachment_337195” align=“alignleft” width=“380” caption=“Srinivasan has denied any irregularities. Reuters”] [/caption] “Whatever rights were been given are under the rights of industrial policy,” Srinivasan told reporters today, adding that there were no irregularities in the allocations. When asked about being questioned by the CBI next week, he said, “As far as the company is concerned if they want to ask us something we will cooperate.” He also denied the allegations by the CBI that his firm had paid a bribe to Reddy by investing in  firms owned by him. The CBI has alleged that instead of paying a bribe, India Cements bought equity in Reddy’s firms at a premium well above existing rates. “We bought shares and sold them at a huge profit, there is nothing untoward about it,” Srinivasan said.