Uproarious scenes were witnessed in the Andhra Pradesh (AP) legislative assembly today during the debate on the Satyam Computer Services fraud case. Chief Minister Y S Rajasekhara Reddy said there was no difference between the fraud committed by the management of Satyam and that of Heritage Foods — a company promoted by the family of Telugu Desam Party (TDP) president and opposition leader N Chandrababu Naidu.
Replying to a two-day heated discussion on the Satyam episode, the CM said Heritage Foods had also sold about Rs 70 crore worth of land to Heritage Infra — another company floated by Naidu’s family — for just Rs 3 crore. “Thus, the Heritage Foods management had also duped the company’s shareholders. The promoters have only a 33 per cent stake in the company, whereas they hold 51 per cent in Heritage Infra. The management of Heritage Foods will also meet the same fate as that of Satyam,” he added.
Incidentally, Naidu’s wife N Bhuvaneshwari is the vice-chairman and managing director and his son N Lokesh is executive director of Heritage Foods.
Earlier, Naidu had alleged that Satyam funds were flown into the 14 companies floated by the CM’s family members and his son Jaganmohan Reddy through the money laundering route.
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