Jagan bail verdict unfortunate; will explore legal options, says YSRC: July 4,2012



Hyderabad, July 4: Describing as unfortunate the Andhra Pradesh High Court’s verdict rejecting YS Jagan Mohan Reddy’s bail plea, YSR Congress on Wednesday said that it will chalk out future course of action which includes exploring legal options.

“It is unfortunate that the bail petition was rejected by the Court and we will meet later and discuss about our future course of action and explore the possibility of taking legal recourse,” Party Advisor and CGC member DA Somayajulu told reporters here.

CBI continues play a dubious role aimed at creating a fear psychosis with a heavy vindictive accent, which is evident by the filing of a supplementary to the first charge-sheet, a day before the judgment on YS Jagan Mohan Reddy’s bail plea was due.

“Our contention is that the first charge-sheet itself was bogus as it is a bundle of lies which has no substantial evidence and a supplementary to it speaks of the attitude of CBI. While filing the first charge-sheet itself a CBI official openly told that many more are yet to come and YS Jagan Mohan Reddy will be A-1 in all of them.

This is a pre-determined notion and CBI has been filing charge-sheets to picture YS Jagan Mohan Reddy in poor light and playing mind games by foisting multiple charge-sheets for a single offence. CBI has been carrying out disinformation campaign to mislead the public by leveling baseless allegations in the charge-sheets even as the investigation is not complete,” he said adding that normally a charge-sheet is filed only after the investigation is over.

The arrest of YS Jagan Mohan Reddy 280 days after the FIR was filed shows the attitude and approach of CBI towards the case which is ordered by the court and not monitored by it. This gives scope for CBI, which works under the Prime Minister’s Office (PMO), to report only to the Central Government.

“When YS Jagan Mohan Reddy could not influence anyone in 280 days after the FIR was filed, what made the investigative agency to think that he is capable of doing it in the midst of by-poll campaign leading to his arrest on May 27 has no reasonable answer and gives rise to many doubts,” he said.

The charges levelled by CBI are so frivolous that the supplementary to the first charge-sheet speaks of a Chennai-based audit firm Jagadish & Company having valued the Sakshi media house at Rs 146 crores in 2006 and it went up to Rs 3,400 crores in 2008 and the yawning gap is being questioned in the supplementary.

“In the first place, Sakshi came into being only in 2008 and the first report of the Chennai-based firm cannot be a valuation report but could only be a project report. The second figure, what CBI must have picked up from a report given by a foreign company in 2008 was meant for internal circulation and clearly mentions that the report cannot be used as a basis for investment in the Company (Sakshi). “

Questioning about the difference of value can be pursued only when an affected party approaches the court, which is not the case here.  Taking speculative market value in to consideration is not a proper premise on part of the CBI as there would be fluctuations as is evident from Lanco Power unit. Its market value was Rs 21,000 crores at the beginning of its power plant and fell down drastically after the power unit went into steam. 

The charge-sheet also speaks of land allotment to Hetero Drugs and Aurabindo Pharma. This has been done in tune with Government’s industrial policy which the previous TDP government headed by N Chandrababu Naidu also has followed. Giving land to the two companies in the backward region of Mahabubnagar district cannot be faulted when prime land in heart of the city was given away at throwaway prices, he said.

“The pharma companies have purchased land 100 km away from city at Jadcherla at Rs 7 lakh per acre in the backward region which has no social, industrial and economic infrastructure. The actual price at that time would have been around Rs 1 lakh per acre and the government has made a profit out of the deal.

CBI contention that the value must have been around Rs 15 lakh, the figure which must have been given by some junior level officer, stands no sound legal ground he said adding that the previous TDP government has given land to industrialists in the heart of the city at varied prices of Rs 50,000, Rs 2 lakhs and Rs 27 lakhs per acre though the market value was many fold higher.

Concession to industrialists has been a government policy and many industrial units like Emaar, IMG and Infosys were recipients of the State concessions during TDP term, he said.

“We believe in the legal system and democracy and will overcome all hurdles,” he said.  (EOM)



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