Jagan firms contest transfer of Rs 177 cr in FDs to ED’s account

Bharathi Cements Corporation Limited, owned by YSR Congress president and opposition leader in AP state Assembly YS Jagan Mohan Reddy, and five others filed separate petitions in the High Court here o

Published: 20th December 2016 03:09 AM  |   Last Updated: 20th December 2016 05:08 AM   |  A+A-

By Express News Service

HYDERABAD: Bharathi Cements Corporation Limited, owned by YSR Congress president and opposition leader in AP state Assembly YS Jagan Mohan Reddy, and five others filed separate petitions in the High Court here on Monday, challenging the action of the Enforcement Directorate in transferring ` 177 crore of their fixed deposits to the ED’s account.

Bharathi Cements, Sandur Power, Silicon Builders, Classic Reality, Saraswathi Power and Bhagvath Sannidhi Pvt Ltd and YS Bharathi, wife of Jagan Mohan Reddy, in her individual capacity filed the petitions submitting that ED authorities transferred ` 152.85 crore in FDs belonging to Bharathi Cements and ` 15.85 crore of Bharathi, ` 98 lakh of Bhagvath Sannidhi Ltd, ` 50 lakh of Saraswathi Power and ` 77 lakh of Silicon Builders into the Enforcement Directorate’s account.

They pointed out that though the adjudicating authority of the Enforcement Directorate at New Delhi passed an order confirming the provisional attachment of about ` 740 crore of movable and immovable properties, including ` 177 crore of their fixed deposits, the ED transferred their deposits into its account.
Besides, there was a possibility of taking possession of their properties by the Enforcement Directorate, they said and urged the court to direct the ED not to take possession of their properties till disposal of their appeals by the appellate authority.

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