Jagati Publications’ vice-chairman V. Vijay Sai Reddy on Monday told the CBI court that Jagati Publications did not receive any investments from outside during his seven- month tenure as director of the board.
Mr Sai Reddy made the submission in his second bail petition moved in court on Monday.
He made the submission to refute the CBI’s allegation that he facilitated Kadapa MP Y.S. Jagan Mohan Reddy to reap undue benefits in the form of investments in his firms from beneficiaries as quid pro quo. He was director on the board of Jagati Publi-cations from November 14, 2006 to June 21, 2007.
“During my seven-month term, not a single investment came from outside shareholder groups and hence the allegation can’t be attributed to me. The first investment from outside came on August 9, 2007, that is, after my resignation,” Mr Vijay Sai Reddy said. He maintained that all the allegations levelled against him in the chargesheet are absolutely false and incorrect.
“I have not committed any offence as alleged in the chargesheet and all the allegations are based on assumptions and presumptions,” the petitioner said, and maintained that he was falsely implicated in the case just because he happened to be financial adviser to Mr Jagan Mohan Reddy.
He maintained that except for his role as professional chartered accountant and financial advisor, he didn’t play any role in Mr Jagan Mohan Reddy’s group of companies.
“He has cooperated with the investigation agency by attending to them on 30 occasions and was interrogated at length for over 300 hours,” the counsel for the petitioner said, adding that there is no likelihood of the petitioner interfering with the investigation agency and no purpose would be served by putting him behind bars either.