Andhra Pradesh Government has issued a GO in favor of Saraswathi Power and Industries giving mining lease for limestone over an extent of 613.476 hectares in Guntur Dist for 50 years, up to 10-08-2059. Jagan has shares worth Rs 26.4 Cr, while his wife Bharathi has Rs 13.8 Cr worth shares in the company.
The company was awarded the lease during the YSR government. Later, in 2014, Chandrababu Government canceled the lease quoting lapses of the company. After Jagan coming to Power, the company went to court and got relief. Now, Jagan govt has issued orders giving the lease with extension.
However, Opposition leaders say that the Government intentionally watered the case in the High Court with poor arguments. The lease was canceled as the company failed to honor the lease terms and even did not build a factory in the proposed site.
“Nothing has changed in terms of the violation. Except for the interests of the Chief Minister and his family, there is no reason to award the lease once again,” TDP leaders allege.
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