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Carmel valuation reports pre-dated at VSR’s request

Published: 06th July 2012 11:20 AM  |   Last Updated: 06th July 2012 11:20 AM   |  A+A-

The fresh witness in YS Jagan Mohan Reddy’s assets case, chartered accountant Jagadisan Prabhakar, told the CBI that he was asked by V Vijay Sai Reddy to evaluate Carmel Asia Holding Private Limited as Deloitte was hesitant to give a report.

Jagadisan was listed as a witness in the supplementary chargesheet to the first chargesheet filed by the CBI. Jagadisan is a partner in Jagadisan & Co Chartered Accountants located at Alwarpet in Chennai. A CA by profession since 1986, 51- year Jagadisan got associated with Vijay Sai Reddy as both studied at the same CA institute. After 2000, the two met often at the income tax office. The CBI recorded the statements of Jagadisan in October last.

Asked whether he did the evaluation of enterprise value of Carmel Asia Holdings and Jagathi Publications, Jagadisan told the agency that Vijay Sai Reddy contacted him over phone with regard to evaluation of Carmel Asia Holdings in November or December 2006. Sai Reddy requested him to evaluate the enterprise value of the company on the basis of data provided by him.This data included business strategy, project cost, projected balance sheets and future cash flows, projected P&L accounts and the basis of arrival of enterprise value, the CA told the CBI.

Further, Jagadisan added, “When I enquired about the purpose of evaluation of Carmel Asia, Vijay Sai said Deloitte furnished a business plan with the basic data required for the business enterprise and was hesitant to give a report due to conflict of interest as they are the statutory auditors of Carmel Asia Holdings. Due to this, Vijay Sai asked me to evaluate the company and I readily agreed,’’ Jagadisan said.

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