ap7am logo
Logo Bar bseindia nse-india msn yahoo youtube facebook google thehindu bbc ndtv v6 ABN NTv Tv9 etv namasthetelangaana sakshi andhrajyothy eenadu ap7am bhakti espncricinfo wikipedia twitter

Telugu Tejams among Fortune 500 pass the buck

Wed, Apr 06, 2016, 01:10 PM
There are at least three Telugu Tejams in the illegal Fortune 500 figuring in the intermittent leaks of the Panama Papers. They are Moturi Srinivas Prasad, Volam Bhaskar Rao and Bhavanasi Jayakumar.

Moturi Srinivas Prasad, a prominent businessman of Hyderabad, is, like Amitabh Bachchan, director of at least four offshore companies registered in 2011. Two other Hyderabad businesmen, Volam Bhaskar Rao and Bhavanasi Jayakumar, are listed as directors and shareholders in these firms. The companies are Yes De Ventures, Sika Securities Ltd, Bhasu Capitals Ltd and Bee Pee Investments Corp.

Prasad is stated to be executive chairman and managing director of Nandan Celantec and co-ower of Sika Securities Ltd. Credited with setting up Asia's largest biofuel processing facilities, he is associated with a dozen other companies. Arrested on April 2, 2012, in connection with export of bio-diesel, he was now on bail.

What Prasad said in response to Indian Express: `These were `1-dollar' companies that were started in the hope that we may do business, but we did not do much. These were opened in 2005-06. All companies are inactive now. There is no question of declaring anything. Volam Bhaskar Rao was handling all that.'

Jayakumar said: `I have nothing to do with offshore companies like Nandan technologies Ltd, Yes de Ventures SA or Grandbay Canal Ltd. Volam Bhaskar Rao was the managing director who handled everything.

`I am not aware of any offshore accounts. The original company, Nandan Technologies, was closed down in 2014.' He denied being associated with Sika Securities or Bee Pee Investments.

What Volam Bhaskar Rao said: He asked his son, Volam Sandeep, to talk.

Moturi Srinivas Prasad had taken over the companies and Bhaskar Rao had since retired. `The offshore copanies were set up in anticipation of doing business 4 years ago. But they actually became cost centres because we had to spend a lot getting clearances and maintaining those companies. The companies are not totally closed but they are also not active.'
Agency: Ap7am Desk

Feedback Form

Your IP address: