Ind cements taking steps to lift attachment of its properties

India Cements today said it was taking steps to lift the attachment of its properties worth about Rs 120 crore by the Enforcement Directorate in a money laundering case against YSR Congress chief Jagan Mohan Reddy and its Managing Director and former BCCI chief N Srinivasan.
ED has attached assets worth over Rs 232 crore of various companies, including India Cements, in connection with its money laundering probe against Reddy and Srinivasan in the alleged quid-pro-quo and illegal investments case between the business entities of the two and few others.
In a filing in the BSE, the city-based India Cements today said its properties worth Rs 120 crore had been attached for a period of six months in the case, investigated by both the ED and CBI.

The company said it had received order from the Joint Director, Enforcement Directorate, Hyderabad, attaching the properties including 886 square yards of plot having constructed building of 8,000 square foot house at Hyderabad with a value at Rs 2.11 crore and 245 acre land at Anantapur district with a value of Rs 1.22 crore.
The other assets are ten lakh shares of Trinetra Cement Ltd with a face value of Rs 100 each -- Rs 10 crore, 20 lakh debentures of Coromandel Sugars Ltd worth Rs 20.32 crore and 86.67 lakh shares of Rs 100 each valued at Rs 86.67 crore of Trinetra Cement Ltd.

"..We are taking necessary action to get the provisional attachment order lifted and the proceedings against our company quashed," India Cements said.
A criminal case has been registered under the Prevention of Money Laundering Act (PMLA) to probe alleged bribes paid by Srinivasan to Reddy as "quid-pro-quo for undue favours" received by his company from the Andhra Pradesh Government when Jagan's father Y S Rajasekhara Reddy was the Chief Minister.
Shares of India Cements ended at Rs 100.50 a piece, up by 3.34 per cent over previous close at the BSE.