Controversial Stake Acquisition Sparks Political Debate in Andhra Pradesh

Andhra Pradesh police have charged YSRCP leaders V Vijaysai Reddy and Y Vikranth Reddy over alleged acquisition of stakes in Kakinada Seaports Ltd and Kakinada SEZ Ltd through illicit means. The complaint suggests significant undervaluation of assets. The accused leaders refute these as politically motivated accusations.

A case has been filed against YSRCP leaders, including Rajya Sabha MP V Vijaysai Reddy and Y Vikranth Reddy, for allegedly acquiring stakes in Kakinada Seaports Ltd and Kakinada SEZ Ltd at undervalued prices.

The complaint, lodged by Karnati Venkateswara Rao, accuses them of using intimidation and conspiracy to orchestrate the deal, allegedly linked to former Chief Minister Y S Jagan Mohan Reddy.

YSRCP leader Kakani Govardhan Reddy has criticized the charges, calling them a political ploy, while Aurobindo Pharma has denied any connection to the assets involved.

(With inputs from agencies.)