Nation Current Affairs 26 Mar 2019 Magunta Srinivasulu ...

Magunta Srinivasulu Reddy’s affidavit shows Vijay Mallya dues

DECCAN CHRONICLE. | PATHRI RAJASEKHAR
Published Mar 26, 2019, 2:05 am IST
Updated Mar 26, 2019, 2:05 am IST
Similarly, under the Hindu undivided family (HUF) heading, the affidavit shows that they owe Rs 3,77,954 to the firm Vittal Mallya Ltd.
Magunta Srinivasulu Reddy.
 Magunta Srinivasulu Reddy.

Nellore: Not only banks and financial institutions, liquor baron Vijay Mallya owes Rs 16 lakh to the firm run by the family of Magunta Srinivasulu Reddy, YSR Congress nominee for the Ongole Lok Sabha seat, according to the affidavit he filed along with his nomination papers.

Similarly, under the Hindu undivided family (HUF) heading, the affidavit shows that they owe Rs 3,77,954 to the firm Vittal Mallya Ltd.

 

It may be mentioned here that the Magunta family had business relations with Vittal Mallya and Vijay Mallya, being the distributors for the latter’s United Breweries in parts of south India for several decades.

The amount of Rs 16 lakh pertaining to Vijay Mallya was shown under annexure-XIII relating to ‘personal loans/ advan-ces given to any person or entity including firm, company, trust, etc., and other receivables from debtors’ in the affidavit

The total receivables shown was Rs 3,17,75,281. As per the affidavit, moveable and immovable assets in the name of Mr Srinivasulu Reddy and his wife were to the extent of Rs 21,31,02,980 and liabilities Rs 49,25,903.  The moveable assets of Mr Srinivasulu Reddy under the Hindu undivided family was Rs 5,34,80,706 and liabilities Rs 8,63,76,230.

 

Movable assets were mentioned as Rs 53,85,877 and those of his wife Rs 12,12,84,603.

Immovable assets were to the tune of Rs 70,32,500 in the name of Mr Reddy and Rs 7,94,00,000 in the name of his wife.  

In the case of the nominee of the YSRC for the Nellore Parliament seat and contractor Adala Prabhakar Reddy, his movable and immovable properties and those of his wife were mentioned as Rs 221,16, 63,364 (including assets under the Hindu undivided family) and liabilities Rs 15,22,81,255.

Jewellery weighing 1,955 grams worth Rs 1.15 crore was shown in the name of his wife and 685 grams worth Rs 22.21 lakh was mentioned in the name of the Hindu undivided family. A house of 10,719 sq. ft with built up area of 9,195 sq. ft on Road No. 5 in Jubilee Hills worth Rs 9.52 crore was shown in the affidavit apart from some land plots in Hyderabad.

 

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