Jagan gets first blow from AP Government

The ministerial panel that was formed by AP government to have a re-look into the previous governments’ land and mining allocations to individuals and companies has recommends the government to cancel the mining lease granted to M/S Saraswathi Power and Industries (P) Limited that is promoted by family members of YS Jagan Mohan Reddy.

YSR Government has granted license to this company for mining of limestone in 613.474 hectares in Tangeda, Vemavaram and Chennayapalem villages in Machavaram mandal in Guntur district for a period of 30 years. Jagan admitted in his elections affidavits that his wife Bharati has shares worth Rs.21.68 crores and he has Rs. 9.68 crores worth shares in the company.

However, the agreement lapses on August 20th this year as the Company fails to set-up Cement plant as promised in the agreement. So, following the ministers panel, state government has issues a GO yesterday cancelling the mining lease to Jagan’s Company and reclaims the land given to it with immediate effect. However, neither he nor hiscompany representatives have spoke about this with media.