Hyderabad: Entrepreneur Moturi Srinivas Prasad said: “It is like sweat equity. The key point is neither the company nor I have done financial transactions nor opened bank accounts. I haven’t attended any of the board meetings. The agents unfortunately are Mossack Fonseca of Panama whom I have never met and I never knew about them.”
He added, “The funds raised by Nandan Clean-tech in the UK by public issue was invested in In-dian companies through a Singapore-based company. These have RBI approvals. It is for agri research. We have suspended the UK based company too.”
“I have nothing to do with Nandan Technologies Limited of BVI, which was started long back. As part of restructuring I was into the Nandan companies in India apart from the one we floated in UK.”
Mr Volam Bhaskar Rao, a native of Warangal and resident of Banjara Hills, who was a director of offshore entities like Nandan Technologies Limited and associated firms said, “In 1996 we started Nandan group for agri research in India. Nandan Technologies Limited is only a patent holding company floated offshore. Regarding offshore entities not even a single rupee was sent from India. In 2011 Srinivas Prasad took over Nandan companies. We know little about structuring of BVI offshore companies. We left Nandan Cleantech in 2012. The Indian entity of Nandan Cleantech received legitimate money of '40 crore from the UK company.”
He added, “In fact we got support for agri research from Icrisat and other entities. We took up Jatropa cultivation in Zaheerabad, Rajasthan and Gujarat. We had chosen some wrong partners that led to some troubles.”
Mr Bhavanasi Jaya Kumar is director of offshore entities like Nandan Technologies Limited, Yes De Ventures DA and Gran-dbay Canal Limited. The last was started in 2015.
“We are basically into agri research. I was a gold medalist. There are no illegal transactions and not even one rupee has gone out of the country. There is no tax evasion or any other irregularities,” he said.
