In a shocker to Nimmagada Prasad-Matrix Enport founder-Navayuga Group backed out from the board of Vanpic recently as the original promoters agreed to buy back the 65 per cent stake. It may be recalled that Navayuga Group purchased 65 per cent stake in Vanpic for Rs. 300 crore earlier. But, this extreme decision was taken by Navayuga Group as Matrix founder Nimmagadda Prasad was arrested by the Central Bureau of Investigation a couple of days ago for his alleged investments in Kadapa MP YS Jaganmohan Reddy’s company. It may be noted that CBI charged Prasad for investing Rs.1000 crore in companies run by Jagan as a quid pro deal. He was given thousands of acres of land for Vanpic’s port by the then state government against the law.

Meanwhile, Navayuga Group chairman Chinta Visweswar Rao didn’t mention anything about CBI or the arrest of Nimmagadda. He said the group decided to move out of the Vanpic port project as the original promoters (Nimmagadda Prasad and party) didn’t meet the expectations.

It looks like the exit of Navayuga Group was only to distant itself from Jaganmohan Reddy, who is number one accused in CBI’s chargesheet on alleged irregularities that took place during the tenure of YS Rajashekara Reddy. (Phani)