Andhra Pradesh cabinet order probe into insider trading

By Newsmeter Network  Published on  27 Dec 2019 11:35 AM GMT
Andhra Pradesh cabinet order probe into insider trading


  • The decision on Capital, likely in the special assembly session, scheduled in the second week of January

Amaravati: Andhra Pradesh cabinet, which met on Friday, decided to order a probe into insider trading activity. After consulting with the legal experts, the probing responsibility will be given to one of three institutions — CID, CBI, or Lokayukta. The cabinet sub-committee has submitted its report of the insider trading to Chief Minister YS Jagan Mohan Reddy, which reportedly mention names of a few TDP leaders.

Speaking to the media, Information and Public Relations Minister Perni Nani said that inquiry would be on the purchase of lands in the capital region area. That is before the announcement of the capital. “The inquiry will probe the involvement of members of the former ministry, who purchased lands in large quantity in the capital region,” the minister said. He added that preliminary reports suggest that lands were purchased in July 2014.

The cabinet also discussed the reports of GN Rao Committee and the interim report submitted by the Boston Consultancy Group (BCG). Mr Perni Nani noted that the BCG’s final report on the capital would be forwarded to the government in January. The minister added that the government has concern for the farmers who have participated in the agitation connected to the capital region area. “The government won’t go for any unilateral decision,” he clarified.

The minister also said that a high power committee would be constituted to study the reports of the GN Rao committee and BCG. An announcement related to the capital will be made only after the outcome of the high power committee, he added. The high power committee comprises of ministers and officials.

Perni Nani pointed out that the previous TDP Government had constituted and approved the report of Narayana Committee, setting aside the recommendations of Sivarama Krishnan Committee. He mentioned that the Narayana Committee had prepared an estimation of Rs 110,000 crore for developing necessary infrastructure in the capital at the rate of Rs 2 crore per acre.

Pointing out N Chandrababu Naidu’s statement of 50 lakh people shifting to Amaravati by 2050, Perni Nani questioned as to how many migrated to Amaravati in the last five years. “The TDP government had paid Rs 570 crore towards interest to Rs 5,400-crore loan. What would be the interest in the proposed Rs 110,000-crore meant for capital?” asked the Transport Minister.

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