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Jagan ‘overpriced’ his firms in I-T returns

Posted by on August 18, 2011 0 Comment

On the day when the CBI began raids on those under the scanner of its probe, a certain valuation report by a Chennai-based firm allegedly commissioned by Jaganmohan Reddy claims to have estimated the value of three of the YSR Congress chief ‘s companies at Rs 400 crore.

The three companies are Jagati Publications Pvt Ltd, Indira Television Limited and Janani Infrastructure Pvt Ltd. Chennai-based Jagadisan and Company claims their evaluation of these three companies was a total of Rs 410 crore, with Jagati at Rs 196 crore, Indira Television at Rs 185 crore, and Janani Infrastructure Private Limited at Rs 29 crore.

However, Jagan is believed to have submitted to the I-T authorities that his Jagati Publications alone was estimated by a well-known MNC consulting firm at Rs 3,500 crore and sold the shares of this company at Rs 350 apiece. According to sources, that consulting firm had given only a business plan in which it has displayed a road map for the publication company to becoming the first one in the media to earn operational profits in the first year itself.

The sources claimed that Jagadisan and Company represented by J Prabhakar have given a written understanding to the Registar of Companies that they have valued these companies based on the information passed on by the companies. TOI

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