Excise may grill OMC MD, Srinivasa Reddy, for dues

December 27, 2012 14:32
Excise may grill OMC MD, Srinivasa Reddy, for dues

The Obulapuram Mining Company's MD, Srinivasa Reddy might be questioned by the central excise over the dues of the company to the tune of Rs 2.30 crores. In continuation to this, the Central Excise department sought permission from the special CBI court in Hyderabad.

The petition came up in court on Thursday, (December 27). The court adjourned the case to December 31 for further hearing.

The mining company was accused of illegal activity to the tune of several hundreds of crores, but in reality the company had dues that were a trifle considering the magnitude of the alleged earnings.

It may be noted that OMC owned by the former Karnataka Minister Gali Janardhan Reddy had amassed Rs 4,300 crores from illegally selling iron ore, as alleged in the CBI charge-sheet submitted in January.

According to the investigating agency's document the names listed were of Janardhan Reddy, his brother-in-law and the firm's Managing Director B V Srinivas Reddy, former Mining and Geology Dept. director V D Rajagopal and the then Assistant Director of Mines and Geology Dept late R Linga Reddy. As per the allegation, the actual excavated iron ore within 68.5 hectares was only 40,387 tons. (Wishesh AarKay)

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