For the common people, leaders of the Telugu Desam Party and the YSR Congress party are bitter enemies and they try to damage each other’s prospects.
But those who have been watching the state politics from close quarters say that political differences among the rival party leaders a back seat when it comes to business and monetary dealings; and they are hand in glove with each other in doing settlements.
Take the latest case of the Kakinada Sea Port Ltd issue, which hit the national headlines with its original promoter K V Rao lodging a complaint with the Crime Investigation Department (CID) against YSR Congress party leaders including V Vijay Sai Reddy, his relative Sharath Chandra Reddy of Aurobindo Group, Y Vikrant Reddy and others.
He had alleged that the YSRCP leaders forced him to sell his 41.12% shares worth Rs 2,500 crore for a meagre Rs 494 crore.
Similarly, they also forcibly acquired his shares in the Kakinada Special Economic Zone for just Rs 12 crore, by threatening him.
Based on his complaint, the Enforcement Directorate (ED) also launched a money laundering investigation. The ED authorities questioned Vijayasai Reddy and Vikrant Reddy in connection with this case.
Even as the case is under investigation, the YSRCP leaders reportedly entered into a settlement with K V Rao three days ago. Accordingly, the Aurobindo group returned the shares it held in the port to KV Rao, the original owner.
According to sources, the reverse transfer of shares was done in a low-profile manner following the intervention of an influential young minister in the Chandrababu Naidu cabinet and a newly-elected Rajya Sabha member of the TDP, following an agreement with YSRCP’s Rajya Sabha member.
“The deal was smooth and everybody got their share in the booty, so that there will be no further disputes. This will also pave the way for the closure of the case in the CID and also Enforcement Directorate,” sources said.
Apparently, the YSRCP leaders realised that the ongoing ED investigation could damage Aurobindo's reputation. Hence, they entered into a settlement with the high-profile people in the TDP and resolved the issue.
However, while transferring the entire share back to KV Rao, the Aurobindo Group imposed a condition on KV Rao that he must relinquish claims on the Kakinada SEZ. KV Rao, however, is refusing to part with the entire stake in the SEZ, sources said.
