Ramachandraiah Demands SEBI Probe Into Jagan Companies

Congress MLC C Ramachandraiah has demanded an inquiry by Securities and Exchange Board of India (SEBI) into the investments made by various companies into the companies floated by Kadapa MP YS Jagan Mohan Reddy. He also demanded a thorough inquiry into the companies owned by Jagan Mohan Reddy. He said he had written a letter to this effect to the SEBI chairman. Speaking to mediapersons here on Friday, he said if the investors are public limited companies, than SEBI has to conduct the inquiry and if they are private limited, they should be inquired into under the Serious Frauds Inquiry Act.

He also demanded an inquiry by the Law Board. He demanded how the companies had purchased share worth Rs 10 each for Rs 350. He also wondered why the investment and profits in the Jagan companies had not increased after the death of YS Rajasekhara Reddy. The Congress leader also found fault with Jagan denying his friendship with Gali Janardhan Reddy, Karnataka MLA and owner of Obulapuram Mining Company after the latter’s arrest. He said the day is not far when Jagan Mohan Reddy too will be put behind the bars. Congress leaders B Hariprasad and M Shankaraiah were also present.