Ramoji-Ambani deal hits headlines

July 25, 2012 15:27
Ramoji-Ambani deal hits headlines

After Jaganmohan Reddy, it's Ramoji Rao who has hit the news for alleged irregularities. The Enforcement Directorate is probing the deal between Ch Ramoji Rao and Reliance industries, which was Rs. 2,604. In fact, the union minister of state for finance, Palanimanickam has written a letter to Congress MP and Ramoji Rao's rival, Vundavalli Arun Kumar stating that the Enforcement Directorate was examining the matter.

It may be recalled that Undavalli Arun Kumar sought an enquiry by the Central Bureau of Investigation and Enforcement Directorate in to the money laundering and the sale of ETV stakes to Reliance group firms. Notably, Reliance earlier purchased the stake of ETV channels and this was kept secret until YSRC leader YS Vijayalakshmi filed a case against Chandrababu Naidu, Ramoji Rao and others for defrauding the state exchequer.

Reliance purchased the stakes to bail out Ramoji Rao as the court directed him to pay the deposits of financiers in Margadarshi Chitfunds, which violated RBI rules. Reliance then took funds from one Nimesh Kampani to buy stakes in ETV. The amount Reliance gave to ETV was Rs. 2,604 crore. MP Arun Kumar, who observed that money laundering took place through sale of stake of ETV channels, has sought for a probe and the probe has begun.


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