Andhra Pradesh Cabinet is mulling to ask for a CBI Inquiry about the Insider Trading Allegations on Amaravati during the previous regime. The Cabinet has decided to take the legal opinion about the same before formally asking the Center to deploy the country’s Premiere Investigating Agency in this case.
On the recently concluded Assembly session, Finance Minister Bugana Rajendranath Reddy alleged insider trading by the then TDP Leaders as they amassed 4070 acres in and around the Capital Region. The Minister even alleged that Heritage Foods which is owned by the then Chief Minister Chandrababu Naidu has 14.22 acres in Kanteru.
Back then, Heritage Foods Ltd said it had begun efforts to acquire land in and around Vijayawada and Guntur in 2013 itself in view of its business requirements and that its board of directors had approved the decision to buy land in and around Guntur for setting up a dairy plant at their meeting on March 21, 2014.
It explained that land was purchased over a period of two months between July and August the same year. As per its release, Heritage Foods land in three transactions in Kantheru village in Guntur district, one of 7.21 acres of land, another of 2.46 acres and another of 4.55 acres but it cancelled the last transaction after finding out that there could be a potential dispute. As of now, the company holds 9.67 acres in Kantheru village. The land is closer to Guntur and is not part of the Amaravati capital which is 20 km away and hence, the allegation that Heritage purchased land illegally in Amaravati is baseless, it said.
