Andhra Pradesh: Lookout Circular Against YSRCP MP Vijayasai Reddy, 2 Others In Kakinada Shares Case

The notice was issued in Kakinada Shares Case wherein Vijayasai Reddy and others allegedly forcibly acquired majority shares of Kakinada Sea Ports Limited and Kakinada Special Economic Zone (SEZ)

A Hyderabad-based businessman has alleged that Jagan Mohan Reddy forcibly acquired his shares in the Kakinada Port and Kakinada SEZ at significantly undervalued prices.

Source : X

A lookout circular has been issued against Rajya Sabha MP Vijayasai Reddy along with his son-in-law Sarath Chandra Reddy and YV Vikrant Reddy, the son of another YSRCP MP YV Subba Reddy. The notice was issued amid allegations that there was a forceable acquisition of majority shares of Kakinada Sea Ports Limited and Kakinada Special Economic Zone (SEZ).  It said that the acqusation was done by "cheating, criminal intimidation, conspiracy" for a throwaway price in favour of Aurobindo Realty (since renamed as Auro Infra), as per a report on PTI.

A Hyderabad-based businessman has alleged that Jagan Mohan Reddy forcibly acquired his shares in the Kakinada Port and Kakinada Special Economic Zone (SEZ) at significantly undervalued prices. Karnati Venkateswara Rao (KV Rao), a shareholder in Kakinada Seaports Limited and Kakinada SEZ, claimed that associates of Jagan threatened him with arrest and extortion, reported The News Minute. He further alleged that they used fabricated audit reports accusing him of causing a Rs 1,000 crore revenue loss to the state government from the port.

The complaint further alleged that Vikranth Reddy, who approached Rao with a request to transfer the shares, claimed the transaction was being carried out on behalf of former Chief Minister YS Jagan Mohan Reddy.

Addressing a press conference, YSRCP leader Govardhan Reddy, described the share transfer as a private transaction between two individuals and alleged a political conspiracy behind the case. “So it is clear that this is a part of political vendetta, part of the game being played by (CM) Chandrababu Naidu. If they (Aurobindo) wanted to acquire, they could have acquired the entire stake and taken over the control of the port. Why only part stake," he asked, as per the report.