The Enforcement Directorate, earlier this week, attached assets belonging to Dalmia Cement (Bharat) Limited (DCBL) in connection with the 14-year-old alleged quid pro quo case involving former Andhra Pradesh chief minister and YSR Congress party chief YS Jagan Mohan Reddy.
The probe agency attached shares worth Rs 27.5 crore belonging to Reddy, along with land worth Rs 377 crore belonging to Dalmia Cement. However, DCBL said, in an exchange filing, that the current value of the property stands at Rs 793.3 crore
"The provisional attachment by ED emanates from an earlier case registered by the Central Bureau of Investigation in 2011 wherein they had made certain allegations against DCBL regarding investments in Bharathi Cement Corporation Private Limited. The matter is currently sub-judice before the CBI Court in Hyderabad," said Dalmia Cement in an exchange filing.
The case pertains to 417 hectares of limestone mines in Kadapa district that were leased to Dalmia Cement during the regime of the father of Jagan Mohan Reddy, late YS Rajasekhara Reddy.
In 2013, CBI filed a chargesheet and claimed they have managed to establish that off the total Rs 95 crore allegedly invested by Dalmia Cement in companies promoted by Jagan over Rs 55 crore were invested through hawala channels in Raghuram Cements which was later renamed as Bharathi Cement.
DCBL emphasised that the Enforcement Directorate’s order has no impact on its day-to-day business activities and that it is currently examining the ED’s directive and intends to pursue all necessary legal avenues to protect its interests.
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