In a dramatic turn of events, Aurobindo Company, which had forcefully taken control over The Kakinada Sea Port, from its promoter KV Rao, allegedly threatened by the then Chief Minister YS Jaganmohan Reddy, has now reversed the deal. Following CID and ED cases, the shares were returned to KV Rao by Aurobindo Company.
The transfer took place secretly three days ago. High-ranking people mediated in this dispute. However, a condition was imposed on KV Rao to forget about the SEZ. In return, the 41.12 percent shares he had previously snatched in the port were transferred back. In this process, KV Rao turned the situation in his favor.
It may be recalled that KV Rao complained to the CID last month that he was threatened and intimidated to snatch shares in the port. Based on the CID complaint, the ED has registered a money laundering case against payments of Rs. 494 crore. ED officials have already questioned YSRCP MP Vijaya Sai Reddy and YV Vikrant Reddy, son of former TTD Chairman YV Subba Reddy.
On the one hand, while the ED investigation was going on, Aurobindo returned the shares that had been seized from KV Rao in the past and ‘Kakinada Sea Port’ was returned to its original owner. There is a rumor that the shares were returned as a precaution before the CID and the ED dragged the matter deeper.
But it seems that something happened behind this. According to reliable information, the ED was investigating money laundering at Kakinada Port, by which Aurobindo’s reputation was being damaged. The Kakinada Sea Port deal was said to be ‘reversed’ as there was a situation where the strings could be twisted.
KV Rao has completely changed the current situation in his favor. At that time KV Rao alleged that Jaganmohan Reddy’s batch had snatched away 2.15 crore shares worth Rs. 2500 crore for Rs. 494 crore. A complaint was also filed with the CID on this. At the same time, the 8,000 acres of Kakinada SEZ belonging to KV Rao was completely owned by Aurobindo.
The latest deal was made saying ‘Forget about Kakinada SEZ. It is Aurobindo’s! The shares taken from you in the port will go to you’. It is known that KV Rao returned the money paid to him at that time to Aurobindo. With this, Kakinada Port was completely owned by KV Rao. Since the seaport has no connection with the stock exchange, the matter went on quietly.
Now,KV Rao has stated in his complaint to the CID that while his share in the Kakinada SEZ was supposed to be Rs. 1104 crore, he settled for Rs. 12 crore. Since the port has returned the shares, it seems that a deal has been reached to forget about the SEZ. KV Rao, however, said to be assertive and not willing to give up his shares in the SEZ.
