Jagan Mohan Reddy owns assets of over Rs 343 crore
YSR Congress president's income dropped by Rs 22.69 crore as revealed in 2011 affidavit
By : u. sudhakar reddy
Update: 2014-04-18 06:06 GMT
Hyderabad: YSR Congress supremo Y.S. Jagan Mohan Reddy declared the combined assets of him, his wife and two dependant kids at Rs 416.66 crore that includes assets exclusively in his name to the tune of Rs 344 crore. Mr Reddy also mentioned in the affidavit filed during his nomination for Pulivendula Assembly seat that he is facing several criminal cases including 10 separate chargesheets filed by CBI against him.
The chargesheets pertain to the alleged quid pro quo investments into his companies wherein the companies allegedly got favours from the YSR’s government. The affidavit also mentioned a case booked by Enforcement Directorate under the PML Act yet to be taken cognizance by the ED court at Nampally, a defamation case in Kamalapuram court in YSR district and cases under SC/ST Prevention of Atrocities Act in Gandhinagar and Prevention of Insults to National Honour act under Saroornagar police stations.
Interestingly, the husband-wife duo of Mr Reddy and Bharati did not declare owning a car even though Bharati owns gold and diamond jewellery worth Rs 5.69 crores. Most of Mr Reddy’s assets are shares in companies under CBI scanner. These companies include Sandur Power Company, Saraswati Power and Industries, Bharathi Cement Corporation, Classic Realty, among others.
Wife Bharathi owns shares in Saraswati Power, Shalom Infrastructure, Aakash Estates and other companies. Together they own agricultural lands in Kadapa and Udupi districts of Karnataka and non-agricultural lands in Kadapa. Sagar Society building, number two commercial building in Banjara hills is in Mr Reddy’s name.
Mr Reddy’s income has dropped by almost Rs 22.69 crore as revealed from his earlier 2011 affidavit and latest one. His current total income stands at Rs 13.9 crore, including taxable income of Rs 2.62 crore for 2012-13 and his wife Bharati’s at Rs 4.2 crore in the same period.
Meanwhile, Mr Reddy was served notices by the IT department to pay Rs 66.88 crores additional tax regarding assessment years from 2004 to 2012. He paid Rs 4.88 crore in protest and filed an appeal in Income Tax tribunal. His wife Bharathi was asked to pay Rs 7.07 crore additional tax and she paid Rs 1.12 crore under protest.
Mr Reddy has liability of Rs 2.17 crore for lease deposits taken from Royal Bank of Scotland and his wife has liability of Rs 55 lakhs.