The quarterly financial report of the Jaiprakash Power (JP) Ventures has thoroughly exposed as to how Chief Minister, Jagan Mohan Reddy, is looting the State of the sand by appointing some of his binamis as sub-contractors, said TDP spokesperson, Kommareddy Pattabhiram, on Tuesday.
These binamis of Jagan failed to pay Rs 302.45 cr which is due to the government, Pattabhiram told media persons at the party headquarters here and demanded the Chief Minister’s response on the quarterly report of the JP Ventures. “Jagan who has been claiming that he has nothing to do with sand excavation as the sub-contract was already given to a company should now open his mouth on the revelations in the quarterly report of the JP Ventures,” Pattabhi said.
The State Government immediately responded to the details in the report of the JP Ventures which clearly indicate that the State government is aware of all the details of the sub-contractors and that they are due to pay Rs 302.45 cr to the government by June 30, 2023, Pattabhi demanded. Are the issues mentioned in the quarterly financial report that the Directorate of the Mining and Geology (DMG) is aware of the facts as to whom the contracts have been awarded, not facts, the TDP spokesman asked.
During the TDP regime, Chandrababu supplied sand free of cost to encourage building activity while Jagan has withdrawn this policy and is making money out of it, Pattabhi remarked. Jagan brought onto the scene a dummy company called Jaiprakash Power Ventures, confined this only to papers and handed over the sand excavation contracts to some binami persons, he revealed.
As per the provisions of Section 33 (3) of Securities and Exchange Board of India Act-2015, JP Ventures has submitted its financial report on July 28, 2023 for April, May and June months to the Bombay Stock Exchange and the National Stock Exchange. In this report it is clearly mentioned that an agreement was entered into on May 14, 2021 with the Directorate of Mining and Geology for two years for sand excavation, Pattabhi said.
He also pointed out that the report also made it clear that the company has to pay Rs 1528 cr for these two years as per this agreement but this contract was awarded to another sub-contractor, whose name is not mentioned in the report. The report clearly stated that the due amount will be paid by the subcontractor to the Government and the DMG has already noted this, Pattabhi pointed out.