In a major development in the case related to the forcible acquisition of shares in Kakinada Seaport and Kakinada Special Economic Zone (SEZ) during the YSR Congress Party (YSRCP) regime, the Andhra Pradesh High Court on Friday granted anticipatory bail to Y V Vikrant Reddy, son of Rajya Sabha MP Y V Subba Reddy.
The Andhra Pradesh Crime Investigation Department (CID) had previously registered a case concerning the transfer of shares owned by KVR Group to Aurobindo, allegedly under pressure from Vikrant Reddy.
Vikrant Reddy had approached the High Court on December 6 last year, seeking anticipatory bail. After conducting a hearing and reviewing the CID’s report, the court granted him bail, with the next hearing scheduled for March 13.
The case originated from a complaint filed by Karnati Venkateswara Rao (KV Rao), associated with Kakinada Infrastructure Holdings Pvt. Ltd. and KVR Group.
He alleged that he was threatened and coerced into transferring shares of Kakinada Deep Water Port and Kakinada SEZ to Aurobindo.
Following his complaint, the CID police registered a case on December 2 in Mangalagiri, naming Vikrant Reddy as Accused No. 1 (A-1). However, Vikrant Reddy denied any involvement in the issue.
Meanwhile, KV Rao also lodged another complaint with the CID, stating that he and his family members were being harassed with false cases and were threatened with arrest to force the transfer of their business assets.
Apart from Vikrant Reddy, the CID named former YSRCP MP V. Vijayasai Reddy, his relative, and Aurobindo Group director P. Sharath Chandra Reddy, along with others, as accused in the case.
