YSR behind Athena's irregularities?

October 16, 2012 12:57
 YSR behind Athena's irregularities?

The Central Bureau of Investigation  booked cases against two more companies in connection with coal scam. The companies in news-Green Infrastructure Pvt Ltd and Kamal Sponge Steel and Power Ltd-were allotted coal blocks between 2006-07. The misinterpretation of financial assets is the main charge against these companies.

Notably, the new name of Green Infrastructure Pvt Ltd (a Delhi bases company) is now Athena Infra Projects. There has been a buzz that Athena Infra Pvt Ltd was close to former chief minister late YS Rajashekara Reddy.  So, the allegations are spreading like viral alleging YSR's role in ensuring that Athena Infra gets coal block allocation.

If we look at the allegations of the observers, the key people behind establishing Green Infrastructure Pvt Ltd belonged to late YSR clan. Brother Anil Kumar (son-in-law of YSR) and Ravindranath Reddy (YSR's brother) were partners in Seying Hydro Power company, which had 20 per cent share in Green Infrastructure. They allegedly transferred their shares to a few people. Also, it has to be mentioned here that accused in illegal assets case (Nimmagadda Prasad) too seemed to have played a key role in the establishment of Green Infrastructure Pvt Ltd., with his company G2 Corporate Services Limited. To make the point, observers stressed that Nimmagadda Prasad worked as the director of Athena Infra Projects.

During the regime of YSR, the state government allotted 2450 acres of land in Srikakulam to East Coast Energy company, which was a part of Athena Group. Apart from this, the observers criticized YSR's role in ensuring that coal allocation was bagged by Athena in Sikkim. They said that despite many companies competing for bagging coal allocation, amateur company Athena then bagged the allocation. They said this was possible since it showed AP Genco as the co-partner. AP Genco is the electricity provider in Andhra Pradesh. Citing all these points, observers are pin-pointing at YSR's role in irregularities in coal  allocations.

(AW Phani)

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