The YSR Congress Party has said that the arrest of
industrialist Nimmagadda Prasad has sent a wrong signal to the
entrepreneur community and that the industrial development would take a
backseat for years to come.
Reacting to the arrest of
Mr. Prasad by the CBI, the YSR Congress spokesperson Gattu Ramachandra
Rao said that the former had invested in many companies and several
industrialists had invested money in industries owned by him. This is a
mercantile activity that generates economic activity and employment.
Such arrests would only make investors think twice before they took up
ventures in the State, he said.
‘Facts distorted'
At
a press conference, Mr. Ramachandra Rao said Mr. Prasad has 11 per cent
share in Jagathi publications and profited from the sale of his share
in Bharati cements. “It's mercantile mechanism and the powers that be,
along with a section of the media are trying to distort facts and
publishing selective information leads to chaos and the development
activity will take a back seat,” he pointed out.
The
allegations that VANPIC lands were given to Mr. Prasad at throwaway
prices by the YSR government stands no ground as most of the land was
purchased by him on his own, he added.
He said Mr.
Prasad's Matrix company's worth was Rs. 30 crore but was sold at Rs. 400
crore and a TDP leader was actively involved in the deal. “Business
deals do happen and some people gain money and reap rich dividends from
their investments,” Mr. Rao said.
from Hindu
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