YSRC deplores arrest of Nimmagadda Prasad

Hyderabad, May 16 (INN): With the by-polls drawing closer, the ruling Congress and main opposition TDP are in jitters and the fear of defeat is staring into their eyes, YSRC has said.

'They are leveling baseless allegations against YS Jaganmohan Reddy stating that his only aim is to split the Congress and being a rich man he cannot serve the poor and all such illogical and ridiculous charges as they have conceded defeat even before the by-poll battle has begun,' YSRC Party spokesperson Gattu Ramachandra Rao told reporters here on Wednesday.

The by-polls are bringing Congress and TDP closer which is unprecedented in a parliamentary democracy, he said adding that the State lost the administrative joystick and is creating an atmosphere that is not conducive to investment flow in the State.

The arrest of industrialist Nimmagadda Prasad has sent wrong signals to the entrepreneur community and the industrial development will take a backseat for years to come in the days to come, he said.

Nimmagadda Prasad has invested in many companies and many industrialists have invested in his companies and entrepreneurship is a mercantile activity which generates economic activity and employment.

Such arrests will only make investors to think twice before they take up any ventures in the state, he said.

Prasad has 11 per cent share in Jagathi Publications and has profited from the sale of his share in Bharathi Cements. It's a mercantile mechanism and the powers that be, along with a section of media are trying to distort facts and publishing selective information leads to chaos and the development activity will take a back seat, he said.

The allegations being widely published that VANPIC lands were given to Prasad at throw-away prices by YSR government stands no ground as most of the land was purchased by Prasad on his own, he said.

The same Prasad's Matrix firm worth RS 30 crores was sold for Rs 400 crores and a TDP leader was actively involved in the deal. Business deals do happen and some people gain money and reap rich dividends from their investments.

Prasad is into pharmacy, media and other operations and many people invest in his companies and he has shares in many other companies which is constitutional and perfectly legal, he said.

Though Chief Minister has boasted of crores of rupees coming into the State after the Partnership Summit not a single investor has called back, he said.

When cores of rupees are found in Chiranjeevi's daughter's house, there is absolutely no comment from any quarter while minute details of YS Jagan's issue is being shown in magnifying glass, he said.

The nefarious moves of TDP, Congress, vested interests and a section of media notwithstanding, YSR Congress Party is high on morale and will win all the seats in the June 12 by-polls, he said.