N Srinivasan refuses to comment on 'quid-pro-quo investments'

India Cements Managing Director N Srinivasan on Sunday refused to comment on the case pertaining to the alleged quid-pro-quo investments made in YSRC chief Jaganmohan Reddy's firms. Srinivasan, also the International Cricket Council chairman, said he would not comment on the case as the matter is sub-judice.

The case pertains to alleged investments made by various private firms and individuals to the tune of several crores of rupees in Reddy's businesses, as part of quid-pro-quo arrangement for various favours bestowed on them during the tenure of his father late Y S Rajasekhara Reddy as Chief Minister of Andhra Pradesh between 2004 and 2009.

One of the chargesheets filed in the case relates to the issue of India Cements making alleged quid-pro-quo investments to the tune of Rs 140 crore into Reddy's companies and consequent "undue" benefits received by India Cements in the issues of allocation of lease of land, allocation of water from rivers Krishna and Kagna. Srinivasan and other accused in the case on October 21 appeared before a special CBI court in Hyderabad which posted the matter to November 20. Srinivasan came to the city during the day to attend a programme of an NGO.