Jagan case: court reserves judgment

Bench opens sealed covers containing CBI preliminary report The sealed covers containing the preliminary inquiry report of the Central Bureau of Investigation (CBI) into the allegations levelled against Kadapa MP Y.S. Jaganmohan Reddy and Emaar were opened by the Bench of the AP High Court after conclusion of the arguments in four writ petitions on Thursday. The Bench declared that it was reserving judgment in these petitions seeking inquiry into the transactions of Emaar and investments in Mr. Reddy's companies. The Bench comprising Chief Justice Nissar Ahmad Kakru and Justice Vilas Afzulpurkar on Thursday heard arguments in the writ petition filed by Sherwani, advocate from Kadapa, and the respondents. Mr. Bhatia, counsel appearing for the petitioner, drew the attention of the court to the transactions involving Raghuram Cements and the mining leases given to the company. Inquiry sought Levelling certain allegations against Mr. Nimmagadda Prasad, an industrialist, the counsel wondered how such large extent of land was given off for his WANPIC project in the coastal districts. He wanted an inquiry into these transactions through SEBI and then prosecution. Vedula Venkata Ramana, senior counsel appearing for Mr. Reddy in this case, said that the information procured by the Telugu Desam leaders under the Right to Information Act was being used by the petitioner to repeat the allegations. Extracts from representation made to the then President of India by the Opposition leaders was made use of. He reminded that Mr. Prasad was the local partner of Ras Al Khaima, a foreign entity, which had entered into contract with Government of A.P. for the project. He emphasised that there was no quid pro. M.S. Ramachandra Rao, counsel appearing for the SEBI, made it clear that the companies which were facing allegations are not listed companies. He said that there is no complaint with SEBI in this regard. After conclusion of the arguments, the Bench called for the sealed covers containing the reports filed by the CBI. After perusing the contents briefly, the judges asked the papers to be put back into the envelope, sealed, and sent back to the Registry.