Ramky Infrastructure declined over 8% and touched the 52-week low of Rs97.70 on the BSE, after CBI court has summoned company’s chairman to appear before it on June 11 for his alleged links.
Further complicating things for Ramky Infra, the CBI court has summoned the company’s chairman A Ayodhya Rami Reddy to appear before it on June 11 for his alleged links with the controversial Kadapa MP Y S Jagan Mohan Reddy.
Ramky is accused of paying a bribe of about Rs10 crore to Jagan by way of investments in the MP’s businesses in lieu of certain relaxations at its pharma industrial park near Vizag.
According to the CBI, Ramky had derived benefit to the tune of Rs133 crore as the green belt area at its Pharma City near Vizag was cut allegedly only to allot additional land to pharma city for gains.
However, Ramky has been denying indulging in any deviation from the original concession agreement entered into between the company and the Andhra Pradesh government.
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Further complicating things for Ramky Infra, the CBI court has summoned the company’s chairman A Ayodhya Rami Reddy to appear before it on June 11 for his alleged links with the controversial Kadapa MP Y S Jagan Mohan Reddy.
Ramky is accused of paying a bribe of about Rs10 crore to Jagan by way of investments in the MP’s businesses in lieu of certain relaxations at its pharma industrial park near Vizag.
According to the CBI, Ramky had derived benefit to the tune of Rs133 crore as the green belt area at its Pharma City near Vizag was cut allegedly only to allot additional land to pharma city for gains.
However, Ramky has been denying indulging in any deviation from the original concession agreement entered into between the company and the Andhra Pradesh government.
....more info