In an interesting development, the Aurobindo Company has returned shares it took away in the past, to Kakinada Sea Port owner KV Rao.
The process happened silently in the past three days through mediation by some big parties. But there was a condition that KV Rao should now forget about SEZ.
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Aurobindo gave back 41.12% shares to KV Rao. Just last month, KV Rao approached CID regarding the matter and ED had found Rs 495 crore money laundering.
The ED has been questioning YSRCP’s MP Vijaysai Reddy and YV Vikranth Reddy. However, even as the investigations are going on, the Aurobindo Group has returned the shares.
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It is being said that the shares were transferred to stop CID and ED digging deep into Aurobindo matters. It is said that since ED was looking into the matter, Aurobindo didn’t want further investigation as it would negatively impact the brand name of the company.
The case has turned in favour of KV Rao with Aurobindo returning 2.15 crore shares in the past three days. It is being said KV Rao returned the money paid to him in the past to Aurobindo. With this, KV Rao now owns the Kakinada Sea Port completely.
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Since the sea port is not on stock exchange, the whole deal happened quietly. Meanwhile, KV Rao had complained to CID that he got a mere Rs 12 crore in place of Rs 1104 crore for SEZ.
As per the new deal it is said that KV Rao will have to let go of SEZ. But according to reliable sources, KV Rao is said to be in no mood to give up on the matter.
