Nothing wrong done by India Cements: N Srinivasan

N Srinivasan, who is the Managing Director of India Cements, is also the President of Board of Control for Cricket in India AFP

New Delhi: Jun 8, 2012

Called for questioning by CBI in connection with disproportionate assets cases against Congress chief Jaganmohan Reddy, Board of Control for Cricket in India chief and India Cements Managing Director, N Srinivasan claimed that the company has not done anything wrong and that it is ready to cooperate with the investigating agency.

“The company has responded in detail to the CBI and whatever water rights were given within the industrial policy of Andhra Pradesh, all this has been explained to them.

“So therefore we are very confident that as far as India Cements is concerned, they have not done anything wrong and that will be proved,” Srinivasan said.

CBI is probing the alleged investments made by Srinivasan’s company, India Cements in the companies promoted by the Kadapa MP during the tenure of his father Y S Rajshekhara Reddy as chief minister, the sources said.

Confident that his company is clean, Srinivasan said they will cooperate with the investigating agency.

“See as far as the company is concerned, if they want to examine anybody, ask somebody naturally we will cooperate.

“We bought shares, sold it a huge profit also. All this has been explained. So therefore, there is nothing untoward in the entire transaction,” he told ‘NDTV’.

Agency sources said Srinivasan has been asked to appear next week at the CBI office.

CBI sources said the cement companies could be asked about water and limestone allocations made during the tenure of Reddy as chief minister.

The CBI, in its three charge sheets filed against Jagan and others, has alleged that he and his father had hatched a conspiracy to defraud the government with Jagan influencing Rajsekhara Reddy in doling out certain favours to various investors, who made investments in Jagan’s businesses.

Jagan is currently in judicial custody till June 11 and has been questioned by the CBI. (PTI)