The Jaganmohan share

                                                                                 
The CBI chargesheet in the illegal assets case against Y S Jaganmohan Reddy, Kadapa MP, details how companies and individuals benefited from the Andhra Pradesh government when his father, the late Y S Rajasekhara Reddy, was the chief minister. It says they were allotted land at low rates, awarded contracts and granted special permission for various ventures in exchange for investing in businesses owned by Jaganmohan. Here is what the 68-page chargesheet says about the accused.


On July 17, 2006, the directors of two companies wrote separately to the Andhra Pradesh Industrial Infrastructure Corporation, each seeking 75 acres at Jedcherla SEZ in Mahbubnagar and offering Rs 7 lakh per acre. Both requests were granted although, as the CBI points out, the price fixation committee had fixed the rate for that year at Rs 15 lakh per acre and later revised it to Rs 20.235 lakh per acre. Shortly after the allotment, the chargesheet says, both invested in Jaganmohan’s Jagati Publications and Janani Infrastructure.
The Hetero Group of Companies, popularly known as Hetero Drugs, invested Rs 4.50 crore in Jagati Publications by buying shares of Rs 10 at a premium of Rs 350 per share; and Rs 13.25 crore in Janani Infrastructure by buying shares at a premium of Rs 102. Founded in 1993 by B Pradhasarathi Reddy, Hetero is a research-based global group focusing on development, manufacturing and marketing of pharmaceuticals. It comprises Hetero Drugs Ltd, Hetero Labs Ltd, and Hetero Healthcare Ltd.
The other company, Aurobindo Pharma, invested Rs 10 crore in Jagati Publications and Janani Infrastructure. Founded in 1986 by P V Ramaprasad Reddy and K Nityananda Reddy, the Aurobindo Group of Companies started its first unit in Puducherry and has its corporate headquarters in Hyderabad.