CBI asks N Srinivasan to appear before it

This article was last updated on April 16, 2022

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On Friday, it was reported that India Cement Ltd slipped over 5 percent in early trade. The Central Bureau Investigation (CBI) has summoned BCCI chairman and owner of IPL team Chennai Super Kings N Srinivasan, who is also the vice chairman and MD of India Cement Ltd, asking him to appear before the agency next week.

The high strength cement brands that are manufactured by India Cements include Coromandel King, Sankar Sakthi and Raasi Gold. Visakha Cement Industry Ltd is also a unit of India Cement based in Andhra Pradesh.   

Pratap Reddy, Penna Cements chairman and Dalmia Cements MD J H Dalmia were also summoned by CBI. These two companies were allotted huge extent of limestone mines and in return, Penna Cements invested Rs. 680 million and Dalmia Cements invested Rs. 950 million in the Jagan firms.

According to the PTI reports, “The CBI has called India Cements Managing Director N Srinivasan for questioning in connection with disproportionate assets cases against YSR Congress chief Jaganmohan Reddy” and “They said Srinivasan has been asked to appear next week at the CBI office.” Even though Srinivasan was called to appear before CBI next week, the date is under wraps to help avoid media glare.

As said by the CBI, the company has obtained massive water allocations during the YSR regime in order to double its production. Two government orders were issued to the plants of India Cements in Ranga Reddy and Nalgonda districts for allotting additional water in the YSR regime.

The allocation for Ranga Reddy district was raised from 3 lakh gallon to 13 lakh gallons per day for the plant whereas, it enhanced from 3 lakh gallon to 10 lakh gallon per day for the Nalgonda plant.