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The Enforcement Directorate has attached India Cements’ assets totalling over ₹ 120 crore as part of an ongoing investigation.
India Cements Ltd has informed the BSE that it has received an order from the Hyderabad Zonal Office of the Enforcement Directorate provisionally attaching five assets for a period of 180 days. The order dated February 25, 2015, says the action relates to cases against YS Jagan Mohan Reddy and others registered by the Central Bureau of Investigation, ACB, Hyderabad.
Jagan Mohan Reddy, the chief of YSR Congress, is the son of the former Chief Minister of Andhra Pradesh YS Rajasekhara Reddy. The cases relate to allegations of undue favours received during the period when his father headed the state government.
According to the information provided by the company to the stock exchange, the properties attached include land and building in Punjagutta, Hyderabad valued at ₹ 2.11 crore; 245 acres land in Anantapur District with a total guideline value of ₹ 1.22 crore; 10 lakh shares of Trinetra Cement with a face value of ₹ 100 (9 per cent Non convertible, cumulative redeemable preference shares) valued at ₹ 10 crore; 20.32 lakh debentures of Coromandel Sugars valued at ₹ 20.32 crore; and 86.67 lakh shares of Trinetra Cement with a face value of ₹ 100 each (9 per cent non convertible non cumulative redeemable preference shares) valued at ₹ 86.67 crore.
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