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Deccan Chargers bidder accused in Jagan case

Published: 14th September 2012 01:52 PM  |   Last Updated: 14th September 2012 01:52 PM   |  A+A-

PVP Ventures, the realty and film finance company which surprisingly and unsuccessfully bid for the Deccan Chargers franchise in the Indian Premier League (IPL) was one of the 74 entities listed by the CBI as an accused in the Jagan Mohan Reddy illegal wealth case.

 But the company’s name was not included in the chargesheets filed in the case. The first information report filed by the agency in August 2011 put down PVP Ventures as accused no. 19.

It was alleged that Potluri Vara Prasad, the chairman and managing director of PVP, invested Rs 146.970 crore in Jagathi Publications (JPPL), the media company owned by Jagan Mohan Reddy.

PVP Ventures bid Rs 900 crore to buy the Deccan Chargers franchise from its debt-ridden owners, but were turned down on Thursday.

Popularly known as PVP, Vara Prasad, sources said, likes to keep a low profile. He is said to have wide-ranging interests in entertainment, real estate, finance and power generation.

Hailing from Vijayawada, he is a co-founder of the Prasad V Potluri Siddhartha Institute of Technology in Vijayawada. He is the producer of the hit film Eega and owns several other firms such as PVP Energy, PVP Cinema and PVP Foundation. Prasad is also one of the producers of the Kamala- Hasan starrer Vishwaroopam, reputed to be one of the most expensive movies made in the country.

‘’He also has a sizeable equity holding in the Karvy group,’’ sources said.

In the FIR filed in the Jagan case, it was alleged that PVP Ventures along with Cuboid Realtors, Mantle Realtors, Metaphor Real Estates and Projects and PVP Business Towers Private Ltd invested Rs 55 crore, Rs 35 crore, Rs 6 crore, Rs 10 crore and Rs 40.97 crores respectively, making a total investment of Rs 146.970 crores in JPPL.

Software Origins

The genesis of PVP began in Jan. 1, 1994, when it was incorporated as Software Solution Integrated Private Limited. It became a public limited entity on May 10, 1995 and the name was changed to Software Solution Integrated Limited.

Its major operations were in software development training and consulting.

In 1996-1997, the company opened new centres in Tamil Nadu and AP and between 1998-1999, it set up offshore software development facilities under the aegis of SSI Technologies.

Later, in 1999-2000, the company expanded the education business overseas with education centres signed up in Kathmandu, Colombo, Malaysia and Hong Kong.

In October 2004, the company de-merged its IT servicing division along with three overseas subsidiaries -- Clientsoft Inc, California, SSIT North America Inc., USA and IndigoMarket Ltd, Bermuda and subsequently merged with Scandent Solution Corporation Ltd.

During 2005-2006, Bucking Real Estate and Asset Developer (Chennai) Ltd amalgamated with the company with effect from April 1, 2006.

During 2006-2007, PVP Ventures Pvt Ltd amalgamated with the company. It forayed into the hospitality business. Also, it entered into the enter tainment sec tor through their subsidiaries AGS Properties Development (India) Pvt Ltd by setting up a five-screen multiplex.

During 2008-2009, the company set up wholly owned subsidiaries namely, Cuboid Real Estates Pvt Ltd and PVP Business Towers Pvt Ltd.

The company sold of their investment of 1,052,717 shares held in Cambridge Solutions Ltd.

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