Hyderabad
The continuing tussle between two media homes in Andhra Pradesh – Eenadu promoted by media baron Ch Ramoji Rao and Sakshi, promoted by chief minister YS Jagan Mohan Reddy is snowballing right into a political battle forward of the meeting elections scheduled early subsequent yr.
Each the media homes have taken a transparent political stand – Eenadu has been concentrating on the Jagan Mohan Reddy authorities and highlighting the Telugu Desam Occasion (TDP), whereas Sakshi has been selling the Jagan Mohan Reddy authorities and attacking the TDP.
The chief minister has been overtly attacking Eenadu, describing it as a part of “Dushta Chatushtayam” (Gang of 4 depraved components), the opposite three being Naidu and two different media homes that are supporting the TDP.
“This gang of 4 has been attempting to destabilise my authorities to assist Chandrababu Naidu to return to energy. We’re preventing not simply with Naidu, but in addition with the pro-TDP media homes who’re spitting venom towards my authorities,” Jagan stated at a latest public assembly in Srikakulam district final week.
The confrontation reached a brand new excessive when the Jagan authorities started attacking the monetary roots of Ramoji Rao by ordering a probe into the alleged irregularities within the Margadarsi Chit Funds Personal Restricted (MCFPL), owned by him. Whereas Ramoji Rao is the chairman of the corporate, his daughter-in-law Sailaja Kiran is its managing director.
It started with a sequence of inspections and searches by the Andhra Pradesh Stamps and Registration Division, which can also be a regulating authority of the chit fund enterprise, on branches of Margadarsi in October and November final yr.
The inspection groups claimed to have discovered a number of irregularities within the chit fund enterprise being run by Margadarsi, together with non-payment of month-to-month subscriptions and instalments to the subscribers and transferring the subscription quantity to the Company Workplace account from the place it was allegedly invested in mutual funds and many others.
In March, the case was entrusted to the Crime Investigation Division (CID), which registered a number of first info reviews (FIRs) throughout the state towards Margadarsi and launched an investigation. The CID named Ramoji Rao as accused No. 1 (A-1) and Sailaja as A-2, in addition to booked circumstances towards department managers of the corporate in numerous districts together with Visakhapatnam, Kakinada, Eluru, Vijayawada, Guntur, Palnadu, Kurnool, and Ananthapuramu.
The FIRs had been registered underneath Sections 120(B) (legal conspiracy), 409 (legal breach of belief), 420 (dishonest), 477(A), learn with Part 34 (falsification of accounts) of the Indian Penal Code, in addition to Part 5 of the Andhra Pradesh Safety of Depositors in Monetary Institutions Act, 1999, and Sections 76 and 79 of the Chit Funds Act,1982.
On April 3, a CID crew led by superintendent of police Amit Bardar questioned Ramoji Rao at his residence for eight hours on the alleged irregularities. 4 days later, the CID additionally questioned Sailaja Kiran, after serving them notices underneath Part 160 of Legal Process Code (CrPC).
The Jagan authorities additionally appointed a particular auditor solely to look into the accounts of Margadarsi and unearth the irregularities. The corporate moved the excessive court docket and obtained a keep order on the identical on Monday.
On April 12, the CID authorities additionally requested central probe businesses just like the Enforcement Directorate (ED), the Revenue Tax (I-T) division and Severe Fraud Investigating Workplace (SFIO) authorities to probe the alleged irregularities within the Margadarsi.
“The corporate violated the chit fund legal guidelines and bloated the money deposit data. The corporate raised deposits with out permission of the RBI, and diverted the quantity collected from the depositors to invest within the dangerous inventory market,” CID further director common N Sanjay stated.
The ADG additionally stated the chit fund firm had not been submitting its steadiness sheets underneath the Chit Fund Act however underneath the Firms Act.
Margadarsi Chit Funds refuted the allegations. In an announcement to the media, an organization spokesperson stated the whole train is a component of a big scale conspiracy to assault the monetary roots of the corporate. The CID authorities are attempting to create some form of worry psychosis among the many subscribers of the chit fund firm,” he stated.
He stated the corporate would wage a authorized battle towards the deliberate try by the Andhra authorities to focus on the corporate.
However, Eenadu has additionally been attacking the Jagan authorities, alleging that the chief minister was selling Sakshi Telugu every day, owned by his household. Ramoji Rao moved the Supreme Courtroom in March difficult a authorities order which sanctioned ₹200 monthly from the state funds as further monetary assist for every village volunteer and ward volunteer to allow them to buy one broadly circulated Telugu newspaper.
The Eenadu group alleged that the worth ceiling was fastened in a way to advertise “Sakshi,” because the month-to-month subscription fees of Eenadu was ₹207.50, whereas that of Sakshi was solely ₹176.50. “This could assist Sakshi enhance its circulation to overhaul Eenadu,” Ramoji Rao challenged. The case is pending disposal within the Supreme Courtroom.
Former Congress MP Vundavalli Arun Kumar, who has been waging a authorized battle towards Margadarsi since 2006, in contrast Ramoji Rao with fugitive financial offender Vijay Mallya.
“Like Mallaya, Ramoji Rao, too, dedicated a monetary fraud by accumulating hundreds of crores from widespread folks and diverted it. He could also be a media baron, however he can’t be above the legislation,” he stated.
Political analyst Ramu Survajjula stated the battle between Jagan and Ramoji Rao would definitely add to the political warmth within the run as much as elections. “The Jagan authorities is overtly going all out towards Ramoji Rao, whereas Eenadu will not be hiding its intentions of going after the federal government to wreck its picture by carrying a sequence of banner tales to defame the federal government,” he stated.
“The chief minister’s provocative open castigation of Eenadu and the unprofessional editorial commentary by Eenadu are inflicting an incredible injury to the important thing establishments in our democracy,” Suravajjula stated.