Jagan the young industrialist turned politician son of late chief minister YS Rajashekar Reddy is one of the richest people not just in the state but in the country as well.
This has been proved beyond doubt by none other tan Jagan himself. Jagan has paid an advance income take of 84 crore for the first six months of this financial year. It is estimated that Jagan will earn around500 crore this year!
If anyone abscond from paying income tax then normally media and others will blame her or him for it. But, Jagan’s rivals especially News baron Ramoji Rao and the TDP President Chandrababu Naidu are slinging mud against Jagan for paying Rs.84 Crore income tax in advance for the next financial year of 2010-2011. Jagan is expecting Rs.500 Crore income during this period and so he has paid the tax in advance. But, this raises many eye brows. All his rivals and rival media net work gathers dust from nowhere to defame him.
According to Jagan owned news media Sakshi, he has received an amount of Rs.415 Crore by selling his shares in Bahrain Cement Company and expecting some other sources to generate further income for him. Therefore, he has paid 20% of his income as Capital Gains. But, his rivals start slinging mud against him on this cause, questioning him how could it be possible to for him to invest and get so huge amounts in no time. Many blames that he is earning from Mining Mafia and cleverly diverting the funds into some business group to convert his black money into white in a later period. They blames that this is one example for it but he is covering himself by paying advance tax for it, posing as a disciplined citizen of the country.
2010/12/16 6:43:21 Trouble is mounting on former Congress MP Jagan Mohan Reddy. The Congress rebel is now under investigation by the Income Tax Department. 15 of Jagan’s companies are under scanner for alleged tax evasion. That's not all. Jagan’s companies are also being investigated for divesting its stake even before the companies had started production. But what’s interesting is that investigations in these alleged irregularities began only three weeks ago just around the time that Jagan quit the Congress. What the I-T Dept is primarily probing is how the share prices shot up in such a short time. Also Jagan paid an advance tax of Rs 84 crore in September 2010 which is under scanner.
Documents accessed by TIMES NOW prove these points. First, Jagan’s partners bought equity in his firm even before production. Then Jagan offloaded his equity to a French firm Parficim and earned around Rs 416 crore. Also, the prices of his shares shot up by almost 60 times within a matter of just four years. The Congress has distanced itself from the investigations surrounding Jagan. The Congress has said that it has no role to play in the probe. Sources close to Jagan have told TIMES NOW that Jagan has nothing to hide with respect to the investigation on tax evasion. Sources have said that Jagan has filed his Income Tax legitimately and that he is not aware of the investigations.
What document reveal - Jagan holds 49% stake in Bharti Cement - French Company Parficim holds 51% stake in Bharyi Cement - Equity was sold to Chennai based companies before company started production
What I-T is investigating? - Massive rise of Jagan's share prices in a short period of time - Advance tax of under Rs 84 crore in September 2010 - 15 companies, including Bharti Cement & Jagruti Publication probed- How companies divested stake even before start of production
Is YS Jagan worth just 365 crore. Yes, is the answer according to the affidavit he filed along with his nomination papers in Kadapa today.
While the opposition parties and his detractors in the congress ay that Jagan is worth more than 1,00,000 crore his affidavit comes as a disappointment to his fans.
YS Jagan filed his nomination papers for the Kadapa Lok Sanha seat. As per the EC rules, it is mandatory for the candidate to declare his assets. Jagan also declared his assets in the nomination papers.
Jagan has declared assets worth 365.68 crore. Jagan’s wife Bharathi has assets worth 41.44 crore.
The candidate from Kadapa Lok Sabha seat YS Jagan may have mentioned his assets at just 365 crore in his affidavit but he is worth much, much more.
Jagan’s detractors say that his bungalow in Bengaluru alone is worth upwards of 400 crores. Add to this his lands in Pulivendula and Idupulapaya, Bharathi Cements, Sakshi paper and TV and numerous other businesses.
So, Jagan may not have shown even 1/100 of his real worth in his affidavit.
Y S Jaganmohn Reddy announced that he was a lunching a Telugu daily in early 2007. He started hiring staff at fancy and unheard of salaries. A sub-editors who was drawing around 12,000 at papers like Eenadu and Andhra Jyothi was lured away by Jagan’s team by offering about 30,000 plus. Similarly, he hired some senior staff by offering salaries raging from 50,000 to one lakh.
Jagan wanted to launch the daily last Dasara. But things did not move along expected lines and the launch got delayed by several months. The staff had no work to do except sit and chitchat. The salary bill alone has come close to 5 crore meanwhile. This meant that Jagan blew up 5 crore because he did not plan properly. But this amount may be small charge for someone like Jagan.
The situation is better now. The staff is now attending orientation classes and the dummies are also being printed. The paper is now expected to come out on February 22.
2011/11/9 6:38:55 Kolkata, Nov 9 (IANS) Power utility CESC Limited, a RP-Sanjiv Goenka Group company, Wednesday reported a 26 percent dip in its net profit at Rs.144 crore in the second quarter ended Sep 30, from Rs.155 crore during the like period last year.
According to a company release here, the Kolkata-based company's net income, however, increased to Rs.1,241 crore during the period under review from Rs.1,105 crore during the like period last year -- a jump of 12 percent.
It said delay in obtaining tariff order for the year coupled with steep inflationary pressure (including fuel) resulted in drop in profit for the quarter.
The company, which engaged in generation and distribution of electricity, said it did not foresee any permanent diminution in the value of its long-term investments (including advance against equity) in the subsidiaries.
2007/2/7 5:20:47 The Indian Railways have decided to introduce advance booking up to 90 days. The new scheme will come into force from March 1. This means that passengers can now reserve their tickets 90 days in advance as against the present 60 days. The ebooking scheme of the Railways is already doing very well.
The Railways have also decided to open kiosks at petrol pump across the state. The Railways have entered into an understanding with the Bharat Petroleum Corporation Limited in this regard. The new kiosks will come up in a phased manner. In the first phase they will be opened in Delhi, Mumbai, Chennai and Kolkata.
Chief Minister N kiran Kumar Reddy will flag off the Rachabanda program from Vijayanagaram district. Rachabanda is the brainchild of the late chief minister YS Rajashekar Reddy.
YSR died while he was on his way to kick off the Rachabanda programme. Kiran Kumar Reddy is trying to become popular and also divert attention from ‘T’ agitation and the Jagan factor by starting Rachabanda.
KKR has announced a sum of 2,500 crore for Rachabanda and the amount will be utitlized for several social welfare schemes and development works.
The Pawan Kalyan and Trisha starrer film Teen Maar has so far collected 20.35 crore. The representative of the producer released the figures yesterday.
Jagan collected Rs.600 crore for his paper: Shankar Rao
2010/10/28 8:40:04
Senior Congress MLA Shankar Rao states that Kadapa MP YS Jagan Mohan Reddy has collected Rs.600 crores from several business houses and persons for his Sakshi News paper, during the regime of his father late YS.Rajashekar Reddy. He said he has solid evidences for his allegations and can prove it at any given platform. He suggested Jagan to be loyal to Congress party. He advised Jagan to refrain from speaking against the party and its leaders and be loyal to high command. He said that Jagan should understand that he is depended on Congress party but not the party on him. Hence, he advised him to obey the party orders and have a bright future.
Now, Jagan has to give his explanation in this regard otherwise it will be considered as genuine allegation.
2011/8/23 7:43:55 Congress MLA Anam Vivekananda Reddy on Tuesday alleged that the Congress MLAs, having allegiance to YSR Congress party, were resorting to blackmail tactics to stop the Central Bureau of Investigation probe against Jagan Mohan Reddy's alleged illegal wealth.
Talking to media persons at Assembly premises, Anam said that the MLAs have resigned to play a political drama and settle financial issues with Jagan. Instead of protecting the name of YSR from being tarnished, those MLAs themselves are defaming YSR, he said.
Stating that people in the state have welcome the CBI probe against Jagan and the once the CBI report is out, then he would be rejected for his corrupt practices.
Instead of sympathy, the people of state would reject Jagan on the lines of Ramalinga Raju, who was involved in multi-crore Satyam Computers in IT firm, he stated. (INN)
YS Jagan and chief minister Kiran Kumar Reddy are not seeing eye to eye. In fact Jagan has so far not even acknowledged Kiran as the CM.
Jagan who has been doing ‘deeksha’ over one issue or the other has chosen Hyderabad as his venue for his ‘Fees Pooru’.
Jagan will commence his deeksha on February 18 to coincide with the budget session of the assembly. This way Jagan wants to embarrass Kiran as much as possible.
Jagan is getting support form several quarters including the TRS as well as students from Hyderabad.
2012/4/14 6:46:29 Rich tributes were paid to Dr BR Ambedkar on his birth anniversary by YSR Congress Party here on Saturday.
YSR Congress president YS Jagan Mohan Reddy paid floral tributes to Dr Ambedkar and said that the marginalised sections of the society need to be given priority in all developmental works.
YSRC leaders, Jupudi Prabhakar, former MLA Sobha Nagi Reddy were also present on the occasion. (INN)
YS Jagan is poor that he cannot afford a car. This is the thought that comes to mind when one reads the affidavit filed by Jagan along with his nomination papers.
While Jagan has declared 365 as assets, both movable and immovable, he does not own a car!
So, it is time the fans and followers of Jagan gifted him with a car.
2012/3/9 4:51:46 Ministry of Railways has announced that passengers can book their train tickets 4 months in advance. This new facility will come into effect from Saturday itself. For more details passengers can visit Indian Railways official website www.irctc.co.in
2012/4/3 3:59:25 The Telugu Desam Party on Tuesday asked YSR Congress party president YS Jagan Mohan Reddy to disclose the sources of funds which he used to set up powers plants in several States.
Talking to reporters at NTR Trust Bhavan, TDP Deputy Floor leader Gali Muddu Krishnamma Naidu alleged that Jagan and his family members were making an investment of about Rs 60,000 crore to set up 12,000 MW power plants at Himachal Pradesh, Karnataka and Haryana. He said if Jagan did not indulge in corruption, then he should disclose as to how he mobilised such huge funds for the power plants.
Krishnamma Naidu ridiculed Jagan's recent statement that he would bring a revolution in the State politics. He alleged Jagan was already corrupt and he would only promote corruption to strengthen his own empire if voted to power. (INN)
Chief Minister N Kiran Kumar Reddy has allocated Rs. 400 crore for the MLAs local area development fund in the budget.
The catch is that the fund will be under Kiran’s control and he alone will have full discretionary powers as to whom to allot and how much.
Analysts see this as a ploy by Kiran to use as bait for luring legislators who are either neutral or siding with Jagan. With this 400 crore LAD fund Kiran will be able to wean away some MLAs from the rival camp.
2012/2/3 3:34:48 YSR Congress party president YS.Jagan Mohan Reddy will be touring in East Godavari district today. He will reach Tadepalligudem in Goutami Express in the morning and will go to Amalapuram by car, where he will attend several meetings of the party. Then, in the evening he will address the Devangula community in a huge meeting to be held by them at Arts College Grounds in Rajhamundry.
Although, Jagan's tour is planned well in advance, in the wake of recent untoward incidents happened in Amalapuram and in other places of the district, turns Jagan's tour as a strategic tour. Police are on high alert to ensure smooth passage to Jagan's tour in the district.
2012/3/15 6:43:02 Rajya Sabha MP and Congress party senior leader V Hanumantha Rao on Thursday allged that YSR Congress president YS Jagan Mohan Reddy looted the State's exchequer to the tune of Rs one lakh crore.
Addressing an election rally at Kovvur Assembly constituency, Hanumantha Rao alleged that Jagan adopted corrupt methods to make money and established the party with an eye on the Chief Minister’s post. He called upon the people of Kovvur Assembly segment to support the spotless candidate P Srinivas Reddy of Congress party in the by-elections.
Hanumantha Rao exhorted the people to defeat the candidates involved in the corruption in the by-elections and vote for spotless leaders to ensure development in their areas.
Suspecting the commitment of Jagan over people’s problems, he said that Jagan has no moral right to criticize the Congress party as he has totally failed to address the people’s woes in the constituency that he represents in the Lok Sabha. He appealed to people to vote for the Congress party and support it in implementing welfare programmes and schemes for the benefit of poor people.
The Congress leader said that the people of state would reject the corrupt people as they did during the assembly elections in five States. (INN)
Rich tributes were paid to Dr BR Ambedkar on his birth anniversary by YSR Congress Party here on Saturday.
The Telugu Desam Party on Tuesday asked YSR Congress party president YS Jagan Mohan Reddy to disclose the sources of funds which he used to set up powers plants in several States.
YSR Congress party president YS.Jagan Mohan Reddy will be touring in East Godavari district today. He will reach Tadepalligudem in Goutami Express in the morning and will go to Amalapuram by car, where he will attend several meetings of the party. Then, in the evening he will address the Devangula community in a huge meeting to be held by them at Arts College Grounds in Rajhamundry.
Rajya Sabha MP and Congress party senior leader V Hanumantha Rao on Thursday allged that YSR Congress president YS Jagan Mohan Reddy looted the State's exchequer to the tune of Rs one lakh crore.
