Saturday, July 4, 2009
Jagan dares Opposition to prove charges
| Expresses willingness to submit himself to an inquiry by Telugu Desam Party president |
Decries Opposition campaign and says it is akin to ‘character assassination’
Takes a dig at two media houses and Naidu for their ‘smear campaign’
CLARIFYING THINGS: Y.S. Jagan Mohan Reddy during a press conference in Hyderabad on Thursday.
HYDERABAD: Y. S. Jaganmohan Reddy, chairman of Jagati Publications and son of Chief Minister Y. S. Rajasekhara Reddy, refuted the charges levelled by Telugu Desam president N. Chandrababu Naidu and other opposition leaders that investments in the power project and publications owned by him were illegal.
In his first reaction to the criticism of the grand alliance over the investments in his firms, he dared the opposition parties to prove their allegations against these companies.
He expressed willingness to submit himself to an inquiry by Mr. Naidu and other leaders and offered to extend complete cooperation for such a probe.
Mr. Jaganmohan Reddy on Thursday clarified doubts raised over Sandur Power Corporation Limited (SPCL), Raghuram Cements, rechristened Bharati Cements, and Jagati Publications, publishers of Sakshi Telugu daily. Decrying the campaign against him, he said it was nothing short of ‘character assassination’ and ‘hitting below the belt’.
Despite clarifications he had issued from time to time, the Opposition parties, particularly the Telugu Desam Party, were spreading falsehoods. Referring to the charges against SPCL, which has an installed capacity of 37.5 MW, he said the company was started in 2001 with an investment of Rs. 30 crore of which Rs 23 crore was borrowed from financial institutions.
He said that senior officials of the UTI Securities recommended the management of ‘2I’ Capital to take 32.7 per cent stake in SPCL on the basis of its valuation and turnover.
As the SPCL achieved a breakeven and even made profits, it acquired one more company for Rs. 180 crore by taking a loan of Rs. 160 crore.
He pointed out that Nimmagadda Prasad of Matrix had purchased 21.42 lakh shares at Rs 140 each in SPCL and it was not true that a sum of Rs. 675 crore was mobilised by selling over one crore shares.
Responding to charges against Bharati Cements, he said the unit was set up to tap limestone reserves in Kadapa for which India Cements, Dalmia Cements and other majors were roped in.
About allegations of huge investments in Sakshi daily, he took a dig at two media houses that launched a vicious campaign against him with the support of the TDP chief.
“Since the day we launched the Telugu daily, Eenadu and Andhra Jyothi are trying to project us in bad light,” he pointed out.
Media warClaiming that a virtual media war was on in the State, he said the trio was bent on ensuring closure of Sakshi.
As regards the investments, Mr. Jaganmohan Reddy said Deloitte valued Jagati Publications at Rs. 3,500 crore and “there is nothing wrong in such a figure when the loss-making Margadarsi group with Eenadu publication can be valued at Rs. 6,500 crore.”
Several leading industrial houses had invested in Jagati Publications to fill the vacuum in the media.
487 acres land for YSR son's firm
| Cabinet approves allotment of the land to the cement company |
HYDERABAD: The State Cabinet has approved allotment of 487.20 acres of land at Thippalur and Nallingapalli in Kadapa district to Hyderabad-based M/s Raghuram Cement Company, which has Chief Minister Y. S. Rajasekhara Reddy's son Y. S. Jaganmohan Reddy as its director, for setting up a cement factory.
The land will be sold to the firm at Rs. 1 lakh per acre. The actual market rate prevailing in the area is stated to be around Rs. 15,000-18,000 per acre but the district Collector recommended a price of Rs. 50,000 per acre in case of the cement company.
However, the Chief Commissioner, Land Administration, had finally fixed the rate at Rs. 1 lakh per acre nearly six times higher than the market rate. The allotment for this rate was approved by the Cabinet meeting here on Thursday.
When this issue came up for discussion, the Chief Minister is stated to have left the meeting-hall, leaving the matter to Ministers. The Ministers unanimously approved the alienation. But, many of them reportedly held the view that the price at Rs. 1 lakh per acre was on a higher side. They contended that larger extents were allotted to industries several times and for a "throw-away" price. "Why should a firm suffer just because of the Chief Minister son's connection ?" some of them were stated to have asked.
The Cabinet also sanctioned 14 posts to the State Human Rights Commission--one each of IG, Additional SP and DSP ranks, two of CI, three SI and 14 constables; and 54 posts to the Rajiv Gandhi Institute of Medical Sciences, Kadapa--one Principal, 7 Professors, 8 Assistant Professors, 6 lecturers, 13 assistant lecturers and others.
It also cleared allotment of 246 acres to Grey Hounds at Lakshmipuram in Kurnool district for setting up a regional commando unit.
Source : The Hindu.
Youth Congress leaders ‘vote’ for Y. S. Jagan
| ‘He is a role model for young entrepreneurs and youth’ |
For ‘son’rise: Youth Congress activists taking out a rally in Guntur on Sunday, inviting Y.S. Jaganmohan Reddy to plunge into active politics.
GUNTUR: Several youth Congress leaders on Sunday asked Y.S. Jagan Mohan Reddy, son of Chief Minister Y.S. Rajasekhara Reddy to enter active politics. They took a huge rally in the afternoon and the leaders later discussed about this in a meeting.
The rally was marked by usual fanfare with milling youth carrying posters on motor cycles. Guntur-2 MLA T. Venkata Rao, Agricultural Market Committee Chairman Lela Appi Reddy and District Youth Congress chief Dasari Kiran Kumar were present.
Addressing the gathering, Mr. Venkata Rao said that Mr. Jagan has been a role model for all young entrepreneurs by providing employment to scores of youth in various industries he had set up.
‘Jagan Mania’ has gripped the district since last year, and sources in the party say that Jagan might be the new poster boy .
With actor Chiranjeevi launching Praja Rajyam, the Congress might project Jagan. Mr. Appi Reddy had in the past tried to arrange a public meeting to be addressed by Jagan. Mr. Jagan has a considerable clout in Macherla too.
Source : The Hindu.
Jagan to visit Kakinada on Nov. 8
| He will take part in Rotary medical camp |
Supporters keen on projecting the young leader
Voluntary blood donation portal to be launched shortly
GUNTUR: Y.S. Jagan Mohan Reddy, son of Chief Minister Y.S. Rajasekhara Reddy will formally launch himself into public life by taking part in a medical camp to be held at Kakinada by the Rotary Club on November 8.
Vocal supporters of Mr. Jagan recently held a meeting at Kakinada and discussed the modalities for the camp, which they were claiming to be one of the biggest of its kind. The selection of the venue in East Godavari district was also significant since the Praja Rajyam Party is keen on making dent in the support base of both the Congress and the TDP.
With the decks cleared for the political launch of Mr. Jagan Mohan Reddy following the announcement made by his uncle that the former would be contesting the Kadapa Lok Sabha seat, his supporters have stepped up efforts to `project’ Mr. Jagan as a self-made industrialist and a philanthropist.
Mr. Reddy is expected to take part in a series of social and charitable activities in coastal Andhra, Telangana and Rayalaseema regions. A voluntary blood donation web portal would also be launched shortly, one of Jagan’s close aids revealed on Tuesday.
His supporters also feel that by projecting Mr. Jagan as a young entrepreneur and a philanthropist, they could counter the charisma of cine stars, who have either started new political outfits or have been actively campaigning for regional parties.
The district has already witnessed massive rallies taken out by various groups in the Congress. Agricultural Market Committee Chairman Lella Appi Reddy recently organized a yagam, while district youth congress held a massive rally. Some leaders, including few sitting M.L.As were now keen to jump on the bandwagon of Jagan’s fan clubs to retain seats.
Source : The Hindu.
Jagan vows to set up cement company
| Challenges Telugu Desam Party leaders over stalling construction of factory |
JAMMALAMADUGU (KADAPA DT.): Y.S. Jaganmohan Reddy, son of Chief Minister Y.S. Rajasekhara Reddy, announced on Friday that he would certainly establish a cement factory at Nallalingayapalle in Kamalapuram mandal of Kadapa district.
"None, including Telugu Desam Party president N. Chandrababu Naidu and M.V. Mysoora Reddy, MP, or any other big leader can stop from setting up the factory of Raghuram Cements," he declared in the presence of his father during a meeting held in Jammalamadugu.
Mr. Jaganmohan Reddy also announced that a steel factory would come up in Muddanur mandal of Jammalamadugu constituency with an investment of Rs. 3,500 crores. "I am keen on establishing many more industries and will not go back in developing Kadapa district on the industrial front," he said.
Controversy
Referring to the controversy over allotment of land to Raghuram Cements, he said Pennar Cements Managing Director P. Pratap Reddy purchased the title and applied for permission to set up the factory. He too had applied for it, but withdrew as Mr. Pratap Reddy expressed to the Chief Minister his keenness to set up the cement unit.
Gujarat Ambuja Cements has been enjoying mining lease at Nallalingayapalle for nine years. It merely got the mining lease extended every three years without attempting to establish a factory. The lease was cancelled and given to Mr. Pratap Reddy following which Ambuja Cements moved the Central tribunal against the decision.
Meanwhile, Mr. Pratap Reddy took up the second phase of his cement unit at Tadipatri in Anantapur district. "I took permission for the cement factory six months later and secured all clearances, ordered machinery and finalised civil contractors," he stated. There was no justification for merely continuing the mining lease without setting up a factory within the stipulated three years, he opined.
Big houses reluctant
Mr. Jaganmohan Reddy deplored Mr. Naidu's warning that he would resume the alienated land if TDP regained power.
In 18 months
The factory would come up in the next 18 months, he said. He charged the TDP president and leaders with raking up a controversy on every issue and hampering development of Kadapa district. Reputed business houses were reluctant to set up cement units in Kadapa despite the availability of vast limestone reserves.
Source : The Hindu.
Inaugural of Saakshi TV channel in Hyderabad on Saturday
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