GVK Group promoters are in bother after the Central Bureau of Investigation (CBI) on Thursday registered a case of fraud and felony conspiracy towards Gunupati Venkata Krishna Reddy, the chairman of the GVK Group of Firms and his son G V Sanjay Reddy, Managing Director of Mumbai Worldwide Airport Ltd (MIAL). Amid experiences that the 2 have been booked, sources in GVK informed BusinessToday.In that there was no wrongdoing within the firm and the allegations are motivated.
Confirming that six CBI officers had visited the GVK company head workplace in Hyderabad on Wednesday, sources knowledgeable that the officers had informed them that they have been appearing on behalf of an nameless letter alleging wrongdoing by the 2 key promoters of the group and due to this fact the CBI had registered a case towards the 2 amongst others in reference to alleged irregularities amounting to Rs 705 crore in working of the Mumbai Worldwide airport. The officers additionally needed to know if the books of accounts of the MIAL, GVK Airport Holdings and 9 different firms have been maintained by the Hyderabad workplace, which apparently they have been informed was not the case.
Sources in GVK additionally informed BusinessToday.In that there is no such thing as a fact within the experiences that the group chairman Krishna Reddy and his son Sanjay Reddy have been booked. Additionally they stated that the accounts of the group are dealt with by two of the large 4 auditors and the 2 have until date by no means identified any wrongdoing by the group and have all the time given clear audit experiences. Subsequently, till and until any wrongdoing is proved, it’s incorrect to stage prices, stated the sources. “5 issues that the CBI is pointing to are based mostly on the nameless letter and are all unproven prices,” they stated.
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