YS Jagan Mohan Reddy loot of Public money is valued as 1-Lakh crores.
TRUE COLOUR OF YSR & YS JAGAN
IN THE LIGHT OF THE SATYAM SCAM IS SMALL PIECE OF CORRUPTION HISTORY OF Y.S. Rajshekar Reddy SHOCKED THE PEOPLE OF COUNTRY.
SATYAM SCAM Rs.7, 800 Cr
Y.S.R SCAM Rs.7,8000 Cr ??
2004
• Mr. Y.S. Rajashekar reddy sworn as chief minister in may ‘ 2004
• Before that his family assets would not exceed Rs. 50 lakhs as declared by him.
• After Mr. Y.S. assuming office as C.M his son Jagan came into picture to chanalise the corruption money of his father.
• In the process he utilised Sandur Power Company Ltd for routing the money.
YSR FAMILY COMPANIES
1. FOREST PALNTATION INDIA LTD
2. SARSWATHI POWER & INDUSTRIES LTD 86%
¨ PULIVENDULA POLYMERS PVT LTD 33%
3. SANDUR POWR COMPANY PVT LTD 37%
ILCON BUILDERS PVT LTD 94.8%
Ø SHALOM INFRASTRUCTURE PVT LTD 51.56%
Ø INSPIRE HOTEL PVT LTD 99.5%
CLASIC REALITY PVT LTD 100%
Ø MARVEL INFRASTRUCTURE PVT LTD 99.8%
Ø CAPSTONE INFRASTRUCTURE PVT LTD 99%
CAMEL ASIA HOLDING PVT LTD 78.84%
Ø JAGATI PUBLICATION PVT LTD 69.12%
Ø INDIRA TELEVISION LTD 51.22%
JANANI INFRASTRACTURE PVT LTD 67.91%
BHAGVATH SANNIDHI ESTATES PVT LTD 72.77%
HARISH INFRASTRUCTURE PVT LTD 99.8%
SILCON INFRASTRUCTURE PVT LTD
4. BHARTHI CEMENT CORPORATION PVT LTD 69%
2004
YSR Family Promoted 3 Companies and Invested
1. Sandur Power Company Ltd (Rs. 17.00 Cr)
2. Saraswati Power & Infrastructure Ltd (Rs. 3.02 Cr)
3. Silicon Infrastructure PvT Ltd (Rs. 7.47 Cr)
YSR FAMILY
1. FOREST PALNTATION INDIA LTD
2. SARSWATHI POWER & INDUSTRIES LTD 86%
3. SANDUR POWR COMPANY PVT LTD 37%
4. SICLCON INFRASTRUCTURE PVT LTD 99%
2005
M/s. Sandur Power Company Ltd
&
M/s. Saraswati Power & Infrastructure Ltd
Promoted 6 subsidiary companies and Invested
1. Carmel Asia Holdings PvT Ltd (Rs. 12.08 Cr)
2. Pulivendula Polymers PvT Ltd (Rs. 1.00 Cr)
3. Silicon Builders PvT Ltd (Rs. 23.70 Cr)
4. Classic Realty PvT Ltd (Rs. 78.89 Cr)
5. Marvel Infrastructure PvT Ltd (Rs. 20.24 Cr)
6. Bhagwath Sannidi Estates PvT Ltd (Rs. 2.41Cr)
YSR FAMILY
1. FOREST PALNTATION INDIA LTD
2. SARSWATHI POWER & INDUSTRIES LTD 86%
¨ PULIVENDULA POLYMERS PVT LTD 33%
3. SANDUR POWR COMPANY PVT LTD 37%
SILCON BUILDERS PVT LTD 94.8%
CLASIC REALITY PVT LTD 100%
Ø MARVEL INFRASTRUCTURE PVT LTD 99.8%
CARMEL ASIA HOLDING PVT LTD 78.84%
BHAGVATH SANNIDHI ESTATES PVT LTD 72.77%
SILCON INFRASTRUCTURE PVT LTD
2006
M/s. Carmel Asia Holdings P Ltd
M/s. Classic Realty PvT Ltd
&
M/s. Silicon Builders PvT Ltd
Promoted 4 subsidiary companies and invested
1. Janani Infrastructure PvT Ltd (Rs. 9.95 Cr)
2. Jagati Publications PvT Ltd (Rs. 73.56 Cr)
(Saakshi Telugu News Daily)
3. Indira Television Ltd (Saakshi TV) (Rs.10.22 Cr)
4. Shalom Infrastructure PvT Ltd (Rs. 8.98 Cr)
YSR FAMILY
1. FOREST PALNTATION INDIA LTD
2. SARSWATHI POWER & INDUSTRIES LTD 86%
¨ PULIVENDULA POLYMERS PVT LTD 33%
3. SANDUR POWR COMPANY PVT LTD 37%
SILCON BUILDERS PVT LTD 94.8%
Ø SHALOM INFRASTRUCTURE PVT LTD 51.56%
CLASIC REALITY PVT LTD 100%
Ø MARVEL INFRASTRUCTURE PVT LTD 99.8%
CARMEL ASIA HOLDING PVT LTD 78.84%
Ø JAGATI PUBLICATION PVT LTD 69.12%
Ø INDIRA TELEVISION LTD 51.22%
Ø JANANI INFRASTRACTURE PVT LTD 67.91%
BHAGVATH SANNIDHI ESTATES PVT LTD 72.77%
SILCON INFRASTRUCTURE PVT LTD 99%
2007
Mr. YSR Family
M/s. Sandur Power Company Ltd
M/s. Silicon Builders PvT Ltd
&
M/s. Classic Realty PvT Ltd
Promoted 4 subsidiary companies and invested
1. Bharti Cement Corporation Ltd (Rs. 45.18 Cr)
2. Harish Infrastructure PvT Ltd (Rs. 4.97 Cr)
3. Inspire Hotels PvT Ltd (Rs. 5.97 Cr)
4. Capstone Infrastructure PvT Ltd (Rs. 4.42 Cr)
YSR FAMILY
1. FOREST PALNTATION INDIA LTD
2. SARSWATHI POWER & INDUSTRIES LTD 86%
¨ PULIVENDULA POLYMERS PVT LTD 33%
3. SANDUR POWR COMPANY PVT LTD 37%
SILCON BUILDERS PVT LTD 94.8%
Ø SHALOM INFRASTRUCTURE PVT LTD 51.56%
Ø INSPIRE HOTEL PVT LTD 99.5%
CLASIC REALITY PVT LTD 100%
Ø MARVEL INFRASTRUCTURE PVT LTD 99.8%
Ø CAPSTONE INFRASTRUCTURE PVT LTD 99%
CARMEL ASIA HOLDING PVT LTD 78.84%
Ø JAGATI PUBLICATION PVT LTD 69.12%
Ø INDIRA TELEVISION LTD 51.22%
Ø JANANI INFRASTRACTURE PVT LTD 67.91%
BHAGVATH SANNIDHI ESTATES PVT LTD 72.77%
HARISH INFRASTRUCTURE PVT LTD 99.8%
SILCON INFRASTRUCTURE PVT LTD 99%
4. BHARTHI CEMENT CORPORATION PVT LTD 69%
THE STORY OF SANDUR POWER COMPANY LTD
v M/s. Sandur power a 22.5 mw power plant in Karnataka as prime channel for routing the money.
v Availed loan from Banks initially and subsequently, diluted their shareholding in favour of M/s 2i Capital and Pluri investments, Mauritius based P.C.C. companies at a premium of Rs. 71 per share and disposed 17.5% of the total equity of Sandur. In total Sandur received Rs. 125 crores from 2i & Pluri.
v Any 22.5 MW power plant can be setup in our country with a maximum investment of Rs. 90 crores (MW @ Rs. 4 crore). If 17.5% share holding is Rs. 125 crores, then the total company value is estimated at Rs. 714 crores. i.e., each MW cost Rs 31.73 crores.
v A MW capital cost is Rs. 31.73 crores valuated for obtaining the investment in Sandur from 2i & Pluri, which is suspicious and here we can confirm that the corruption money of Mr. Y.S has been routed to Mauritius using hawala and obtained back through 2i & pluri, which is nothing but money laundering.
v With that amount Sandur repaid the total bank borrowings and become Investment Company.
THE STORY OF SANDUR POWER COMPANY LTD
v Subsequently in the year 2007-08 Mr. Y.S. Jagan disposed of his shares in Sandur (1,04,62500 shares) to Mr. N. Prasad, (Matrix Prasad) Sigma oxygen limited, Sai Surya Warehousing, Excel Prosoft Ltd, Nelcast Finance, Z M Infotech Ltd.,(all belonging to one family) and obtained more than Rs. 675 crores. All the persons purchased the shares of Mr. Jagan are benefited directly or indirectly from the Govt of Andhra Pradesh.
v From Sandur the investments are flown to Silicon Builders, Classic Realty, Carmel Asia, Janani Infra, Bhagawath Sannidi, Harish Infra, Silicon Infra, Shalom Infra (All are in Real Estate Business).
v In turn from Silicon Builders and Carmel Asia the funds are flown to Jagati Publications & Indira Television Ltd which are in Print & Electronic Media. This is nothing but routing of FDI accepted by Sandur to Media Companies through real estate companies.
v The above is evidence for siphoning of funds and showing official route to Money Launders.
v The above is nothing but corruption chanalised using the corporates, which will badly affect the Indian corporate in nearer future.
v In Sandur Y.S. (family / concerns) holding 37% Stake.
v In total Y.S. Family received 800 Crores in Sandur Scam.
v The company violated FEMA Act, Companies Act and used the law to channel corruption money.
JAGATI PUBLICATIONS
v In Jagati Publications shares are allotted to Y.S. (family / concerns) at face value Rs. 10/- only.
v For others shares are allotted at a premium of Rs 350/- per share. The valuation of the company done by M/s. Deloitte at Rs. 3,500 Crores (which is abnormal for non existent new company).
v The above valuation benefited Y.S. (family / concerns) with Rs. 2,500 Crores (3,500 Crores x 69 %).
v In jagati publications 69 % shares are allotted to Y.S. (family / concerns) at Rs. 10/-.
v Mr. N. Prasad (Matrix) Gilchrist Investments (Matrix) allotted 11, 11,109 shares, Alfa villas 4, 16, 666 shares, Alfa Avenues 4, 16,666 shares at a premium of Rs. 350/- and invested Rs. 70.00 Crores. Mr. N. Prasad group has been awarded Nizampatnam and Vadarevu Port Projects (VANPIC) & Krishnapatnam Port Project along with Thermal Power Project.
v PVP Business Ventures (Potluri Prasad) - 13, 88,888 shares and invested Rs. 50 Crores has been allotted 800 acres around Nadargul (nearer to Hyderabad International Airport).
v ERES (Ramky Group) 2, 22,222 shares Rs. 7.77 Cr – awarded Vizag Pharmacity.
v K. Prasad Reddy (Hetero Group) 1, 94, 441 shares Rs. 13.00 Cr – awarded Jadcharla SEZ.
v Trident Life Sciences (Aurobindo Group) 1, 94,444 shares Rs. Cr – awarded Jadcharla SEZ.
v Pioneer Infra (Pennar Group) 5,55,555 shares Rs. 19 Crores – awarded Lease of
v Mines & Star Hotel at Jubilee Hills.
v
BHARTHI CEMENTS (RAGHU RAM)
v In Bharathi Cements shares are allotted 4, 51, 85,000 shares to Y.S. (Family / concerns) for rs. 10/- only.
v The premium is ranged between Rs. 94/- to Rs. 1440/- to different persons.
v In Bharathi Cements Y.S. (Family / concerns) holds 69 % and benefited Rs. 6,500 Crores.
v India Cements Ltd purchased 12, 50,000 shares at a premium of Rs. 110/- per share paid Rs. 15.00 Crores – awarded with Lime stone Mines.
v M/s. G2 Corporate services Ltd (Matrix Prasad) purchased 64, 42,300 shares at a premium of Rs. 94/- per share and invested Rs. 67 Crores. Mr. N. Prasad purchased 4, 59,459 shares at a premium of Rs. 175/- per share and invested Rs. 8.50 Crores.
v M/s. Dalmia Cements Ltd purchased 16, 66,600 shares Premium @ 110/-, 1, 37,931 shares Premium @ 1440/-, 68,965 shares premium @ 1440/- and invested Rs. 50 Crores – awarded with Lime stone Mines.
v Y.S. (Family / concerns) controls Bharathi cement corporation with 4, 51, 85,000 (69%) shares with an investment of only Rs. 45 Crores. While the others accounting for 31 % shares have invested Rs. 250 Crores.
v Similarly in Janani Infrastructure shares are allotted at a premium of Rs. 102/- per share, Shalom Infrastructure at a Premium of Rs. 30/-, Indira Television at a premium of Rs. 600/- per share.
THE STORY OF SARASWATI POWER & INDUSTRIES LTD
v Originally company belongs to Grandhi Eswara rao, G. Satish, G. Shasikala and others. Subsequently in 31-10-1999 Mr. Jagan Mohan Reddy joined as Managing Director.
v D. Chandra Sekhar Reddy joined as Director on 31-10-1999
v N. Sunil Kumar Reddy joined as director on 01-07-2001
v Mr. Grandhi Eswara Rao resigned on 01-07-2000
v Mr. Grandhi Satish Kumar resigned as director on 09-12-1999
v Grandhi Sashikala resigned as director on 09-12-1999
v MCB Reddy resigned as director on 09-12-1999
v V. Vijaya Sai Reddy joined as director on 01-07-2000 and Resigned on 12-08-2002
v The Company auditors are S.P. Associates, Chennai. They were also the same auditors up to 2008 for Jagati Publications.
v As seen from the documents share application money as on 31-03-2006 was Rs. 2.6 Crores and it was continued till 31-03-2007 also. The same is Violation of the Companies Act, 1956.
v In the annual reports of the company the directors who are retired, appointed or reappointed is not mentioned.
v The entire family is holding the shares in Saraswati Power. The share holding pattern is as below. As seen from Balance sheet Share Premium collected is Rs. 1,33,23,750/-.
v As seen from the Balance Sheet there is USL of Rs. 3.3 Crores as on 31-03-2007 and 3.70 Crores as 31-03-2006 from Sandur Power Company Ltd. the same should be matched with the accounts of Sandur Power Co Ltd. Please verify for act violation for accepting deposit from companies other than the promoters. Whether this is acceptance of deposits or what else?.
v As seen from the Balance sheet the company invested Rs. 1 Crore in Pulivendula Poly PvT Ltd much before than 31-03-06. Whether the shares allotted or not? if shares are allotted is Pulivendula Polymers PvT Ltd was declared as subsidiary or not? Form -2 for shares filed or not? Not filed.
v As seen from the Balance Sheet the company has purchased shares in Sandur power co ltd before 31-03-2005 with Rs. 1,74,40,000 (17,44,000 shares).
v As seen from the Balance Sheet USL is of Rs. 3.30 Crores from Sandur Power and invested the same amount in Sandur power & Pulivendula Polymers with an amount of Rs. 2.74 Crores. Whether any Act violation for investment of share in a company can be made by availing USL from the same company. What is the interest rate applied for USL and if no interest is charges why?.
THE STORY OF SARASWATI POWER & INDUSTRIES LTD
v As seen from Balance Sheet schedule 15 the company paid Rs. 14.92 Lakhs as interest on deposit for the year 31-03-2006 and Rs. 32.90 Lakhs for 31-03-2007 at the same time the company has not received any dividend from Sandur power on the shares invested.
v One side the company is paying interest to Sandur power this is artificial booking of expenditure in Saraswati power to reduce the profits and income tax. This is a clear case for economic offenses U/s. 234 since both the companies are under the management of same promoter and case can be referred to income tax also.
v Here the Govt of India lost Income tax to the tune of Rs. 10.85 Lakhs for the year 2006-07.
v As per the information available to us the share application money invested by KSN Soft (belonging to K. Srinivasa Naidu who is a share holder in Indira Television Ltd with 48.5 % stake. @ Rs. 10/- and he is the share holder in Carmel Asia holding 1,96,372 shares.
v ERP Applications P Ltd also invested in share application money
v Nelsoft / Nelcast / V. Vijaya Sai reddy (Auditor) Ex director in Jagati also invested in share application money
v Nelsoft directors were spouse of Vijaya Sai reddy and his mother.
v Here we declare that the KSN Soft earned profit of 90% which is normally not seen.
v The Share Application Money of Rs. 2.60 Crores was paid before 31-03-2006 by ………………………..and no allotment was made till 31-03-07 which violation as per Act. If not refunded Sec 58 A will attract.
v As the information available to us by selling the shares with premium to Kealawn, Sigma Oxygen, & Nelcast by taking share application money the company paid or repaid the total loans with IREDA.
v Here we can conclude Y.S. family routed their corruption money through the above firms in to saraswati power. The above companies are having substantial official balances / white in their books of accounts by declaring abnormal profits.
THE STORY OF PULIVENDULA POLYMERS PVT LTD
v As seen from the Balance sheet as on 31-03-2008 the company availed a Secured Loan taken from Centurion Bank of Punjab about Rs. 4.59 Crores (2.57 Crore Term Loan, OCC 2.02 Crores).
v The company availed an USL of Rs 1.34 Crores from India Cements ltd during the year 07-08. What is the necessity for ICL to extend unsecured loan to a private limited company
v The Centurion Bank of Punjab sanctioned a term loan of Rs. 651 Lakhs, Cash Credit of Rs. 140 Lakhs, ILC of Rs. 25 Lakhs aggregating to Rs. 816 Lakhs on 20-06-2006.
v The loan was amended on 26-10-2007 and CC limit was enhanced to Rs. 200 Lakhs
v How a One Lakh Authorised Capital company availed a Loan of Rs. 816 Lakhs. The balance as on 31-03-2008 is of Rs. 4.59 Crores.
v The Question is how one Lakh Authorised Capital Company availed Loan of Rs. 4.59 Crores. As per the companies act the loans of the company can not exceed 10 / 20 times of the share capital / net worth of the company. Any bank/financial institution extending funding will first ask the company to convert the share application money as issued, subscribed and paid up capital. How the bank ignored the above and interestingly the bank renewed the OCC limits and enhanced the limits during the year 07-08. All these will be happened only with influence only. Here it seems to be the banks are also colluded with the promoter.
v As seen from the balance sheet as on 31-03-2007 the Advance for Share capital is of Rs. 3.10 Crores and the same figures as on 31.3.08 also. The same was as on 31-03-2006 is of Rs. 1.59 crores. The question is what is Advance for Share Capital??. Whether this is the share application money?
v Out of the above amount Rs. 1.00 crores was paid by M/s Saraswati Power & Industries Ltd., (which is belonging to Sri. Y. S Jagan Mohan reddy family) and for balance Rs. 2.10 cores the details are not available. Who are the investors for Rs. 2.10 crores?
v Regd. Office of the company is residential address of Y.S. Family.
v The promoters of the company are Share Holders in Sandur Power also.
v The Share Application Money Received from Investors / Companies have to be converted as share capital with in a period of 90 days otherwise the same shall be treated as deposit accepted by the company, which will be violation of act. If share application money was not converted as share capital with in 90 day the same should be refunded to the investors. Neither conversion as share capital nor refund was happened in this company. So the same was punishable under companies act.
v Y.S. Jagan Mohan Reddy has been resigned as Director from Pulivendula Polymers on 09-12-2006.
v The Authorised share capital is Rs.3 Crores (at present) and the share application Money Rs. 3.10 Crore Issued Share capital is Rs. 100000/-.The Share Application Money is crossing total authorized capital and it is a violation.
THE STORY OF BHARATHI CEMENT CORPORATION LTD
v As seen from the Balance sheet 4, 51, 85,000 shares are allotted to Y.S. Jagan Mohan Reddy, Sandur Power & Silicon Builders P Ltd which constitutes 83.5% of the total shares allotted up to 31-03-08 (Amounted 5, 40, 85,255).
v As seen from the Balance sheet the Issued, Subscribed & Paid –up share capital is only Rs. 5.00 Lakhs by the end of 31-03-06 out of which 4.42 Lakhs is Pre-Operative Expenditure.
v The Regd. Office of the company is the residential Address of Y.S. family.
v Y.S. family entered in to the company in the year 2006-07 and acquired shares to the tune of 4, 51, and 85,000 @ 10 /- each. Amounting to 45.18 Crores.
v As seen from above Share allotment total shares are allotted to various companies & industries at a premium ranged between Rs. 94/- to 1440/- per share.
v M/s. G2 Corporate Services paid an amount of 67 Crores to acquire 64,42,300/- shares and Nimmagadda Prasad paid 8.5 Crores for 4,59,459 shares in total N. Prasad paid 75 Crores to acquire 69 Lakhs of Shares.
v M/s. India Cements Ltd paid an amount of 15 Crores to acquire 12, 50,000 shares.
v M/s. Dalmia Cements Ltd paid Rs. 50 Crores to acquire 18, 73,496 shares.
v From the above we can clearly confirm the shares are being allotted to other at abnormal price and the same is suspicious.
v In any company the shares are being purchased by others at a premium when the promoters are having substantial experience & expertise but in this case the promoters are not having any experience & expertise in this field. But other minority share holders acquired shares with abnormal premium are well experienced and market leaders in cement industries (Dalmia & India Cements)
v If the share of the Y.S. family are disposed at the price given to Dalmia Cements Ltd Y.S. family will get 6,650 Crores.
YSR FAMILY
1. FOREST PALNTATION INDIA LTD
2. SARSWATHI POWER & INDUSTRIES LTD 86%
PULIVENDULA POLYMERS PVT LTD 33%
3. SANDUR POWR COMPANY PVT LTD 37%
SILCON BUILDERS PVT LTD 94.8%
Ø SHALOM INFRASTRUCTURE PVT LTD 51.56%
Ø INSPIRE HOTEL PVT LTD 99.5%
CLASIC REALITY PVT LTD 100%
Ø MARVEL INFRASTRUCTURE PVT LTD 99.8%
Ø CAPSTONE INFRASTRUCTURE PVT LTD 99%
CAMEL ASIA HOLDING PVT LTD 78.84%
Ø JAGATI PUBLICATION PVT LTD 69.12%
Ø INDIRA TELEVISION LTD 51.22%
Ø JANANI INFRASTRACTURE PVT LTD 67.91%
BHAGVATH SANNIDHI ESTATES PVT LTD 72.77%
HARISH INFRASTRUCTURE PVT LTD 99.8%
SILCON INFRASTRUCTURE PVT LTD
4. BHARTHI CEMENT CORPORATION PVT LTD 69%
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