VIJAYAWADA: Accusing former Chief Minister and YSRCP president YS Jagan Mohan Reddy of conspiring to damage the brand of Andhra Pradesh, Finance Minister Payyavula Keshav urged Chief Minister N Chandrababu Naidu to register cases against Jagan, and his associates considering their conspiracy as nothing but sedition.
He said the YSRCP leaders tried to obstruct the development and welfare with the vengeance that the people of the State did not vote them to power in the last elections.
Speaking to mediapersons at the State Secretariat on Tuesday, Payyavula said with the objective to develop AP, the government issued GO No 32 in March this year permitting AP Mineral Development Corporation (APMDC) to issue NCDs worth Rs 9,000 crore with the government guarantee.
However, after the issuance of the order, Jagan and his batch made all-out efforts to prevent the government from getting the loan with the sole intention to stop the welfare and development programmes being carried out by the TDP-led NDA regime, he alleged.
He said 200 odd e-mails were sent to investors in Bombay stock market from one Udayabhaskar working with Wipro in Germany suggesting them not to invest. Similarly, YSRCP Rajya Sabha MP and Finance Standing Committee member YV Subba Reddy complained to the Centre, RBI and Sebi on the issue, and YSRCP leader Lella Appi Reddy even filed a PIL in the High Court, Payyavula said.
Pointing out that Jagan and his associates made a hue and cry on the direct debit mechanism, which was implemented when the YSRCP was in power, he said the same is being followed across the nation.
Despite all hurdles created by the YSRCP, the RBI and Sebi gave clearance, and investors evinced interest resulting in over subscription, he said, adding that the AP brand was not reduced despite all their conspiracies.
Recalling that the previous YSRCP government also issued a GO in March, 2024 to procure loans to the tune of Rs 7,000 crore, he said as there was no trust on that government investors did not show any interest.