The CBI, investigating the illegal properties case registered against the YSR congress president Mr YS Jaganmohan reddy, is also probing his investments into a 330-mega watt hydro electricity project in Sikkim.

Reports said the Sikkim Government has handed over the Teesta stage-2 hydro power project proposed to be built on the sub river Lachen to the Himurja Infra Private Ltd launched as a special purpose vehicle by the promoters Arun Gupta and Manu Gupta. The estimated cost of the project is Rs.1650 Cr.

Arun Gupta and Manu Gupta had registered the company on Nov 28, 2005 with 5000 shares each. With in one month of the registration, two persons Chinta Sridhar and Chinta Sasidhar joined the company as directors.

Later, RR Global promoter Sajjala Diwarkar reddy, a close confidant of Jagan, joined as director of the company. Almost immediately, Jagan’s allies Harish C Kamarthy, Narreddy Sangi reddy and JJ Reddy also joined as directors.

In 2009, the authorized capital of the company has been increased to Rs.5 Cr from Rs. 10 lakh with the number of shares being increased to 50 lakh from 10,000. On Oct 19, 2009, Jagan’s wife Bharathy reddy purchased 40 lakh shares by paying Rs.4 Cr and became the major share holder of the company.

All others, Chinta Sridhar and Chinta Sasidhar, Sajjala Diwarkar reddy, Narreddy Sangi reddy and others gave up the posts of directors leaving the complete management in the hands of Bharathy reddy.

However, the promoters of the company, Arun Gupta and Manu Gupta, also remained as nominal share holders of the company. CBI is said to be investigating into the deals.

Reports said that already one Mr Lama has filed a PIL in the Sikkim High Court alleging the hand of a senior IAS officer into handing over the company to Jagan.

(JUBS)