Audit sought on N Chandrababu Naidu's firms

Hyderabad: Alleging corruption and tax evasion, a complaint  has been filed before the Registrar of Companies, Telangana state, seeking an audit of companies owned  by Andhra Pradesh Chief Minister N. Chandrababu Naidu and his family.

The complainant, advocate Rama Rao Immaneni, alleged that the assets of Mr Naidu, his wife Bhuvaneshwari son Lokesh and daughter-in-law Nara Brahmani were valued at Rs 330 crore and disproportionate to the public declaration of his assets in October 2016.

Mr Lokesh had declared that he owned properties worth Rs 14.50 crore, including Rs 2.53 crore in the form of shares in the family enterprise, Rs 2.64 crore in other companies and a car worth Rs 93 lakhs. Besides, he had loans of Rs 6.35 crore. The value of assets had increased multiple times, he alleged.

Mr Imaneni claimed the companies owned by Ms Brahmani and Ms Bhuvaneshwari had been struck off by the ministry of corporate affairs and alleged that they were shell companies. “I request the RoC to conduct an audit in Megabid Finance and Investment Private Limited, Red Hills Logistics and Warehouse Private Limited, Nirvana Logistics and Warehouse Private Limited, Heritage Conpro Limited, Nirvana Private Limited and Nirvana Power Private Limited”.

This newspaper spoke to Mr Kutumba Rao, financial adviser to Mr Naidu, who he refuted Mr Immaneni’s allegations.

“It is a baseless complaint, the advocate does not even know that Heritage Foods is a listed company, he does not understand market captitalisation and shares in the listed company and its evaluation. This complaint is not worth discussion,” Mr Kutumba Rao said.

“When the ministry of corporate affairs strikes off a company under Section 248 that does not mean they have violated norms, but that the business has not been active. There is no truth in the complaint,” he said.