Balineni Srinivasa Reddy, a relatively low-profile figure in national politics, is suddenly at the center of a nationwide controversy.
A five-time member of the Legislative Assembly (MLA) from Ongole in Andhra Pradesh and relative of former chief ministers the late Y S Rajasekhara Reddy and Y S Jagan Mohan Reddy, Srinivasa Reddy's political moves have long been watched closely within state circles. In September 2024, he severed his ties with Jagan and the YSR Congress Party (YSRCP), defecting to Pawan Kalyan's Janasena Party.
Recently, Srinivasa Reddy—who was energy minister in the previous YSRCP-led government in Andhra Pradesh—revealed a dramatic behind-the-scenes account of a now controversial agreement signed between the state and Solar Energy Corporation of India (SECI) in 2021.
He claimed that he had been abruptly awakened at 1 am and pressured into signing the agreement—now at the heart of corruption allegations—but he refused, citing a lack of clarity and discussion. "Sensing something wrong, I refused to sign the agreement as there was no clarity or proper discussion on the matter," said Srinivasa Reddy, adding the Cabinet later approved the deal.
His comments came days after the US Securities and Exchange Commission's (SEC's) $250 million bribery allegations involving the Adani group's founder and chairman, Gautam Adani, and seven others in connection with projects under Adani Green Energy Limited (AGEL).
This story is from the December 02, 2024 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the December 02, 2024 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
THE LONG ROAD TO DATA PROTECTION
The DPDP Act comes with a long gestation period. What does that mean for its efficacy?
Tata Punch tops '24 sales charts, ends Maruti's 40-year reign
For the first time in four decades, a non-Maruti Suzuki India car has topped the list of India's best-selling cars. In 2024, the Tata Punch, a sub-compact sport utility vehicle (SUV), became the highest-selling vehicle by delivering 202,030 units.
Isro marks milestone as cowpea seeds take root in space
Cowpea seedlings onboard PSLV-C60 POEM-4 module sprout their first leaves in space, signifying a milestone in space-based plant research, Isro said on Monday.
India reports 5 HMPV cases; govt says no need to panic
India on Monday reported at least five cases of Human Metapneumovirus (HMPV), which causes respiratory illness and was recently identified in China and Malaysia.
US 30-Year Bond Yield Highest Since 2023
US Treasuries slumped, lifting the yield on 30-year bonds to the highest since late 2023, as a rattled market prepares for $119 billion of fresh government debt issuance this week.
Indian Bond Index Inflows May Lag Estimates: Morgan Stanley
Indian bonds included last year in a key global benchmark will fail to draw as much money as previously estimated, according to Morgan Stanley.
Select factor fund based on conviction, risk appetite
Ajay Singh (name changed on request), a 35-year-old Noida-based lawyer, plans to invest in factor (or smart-beta) funds in 2025.
Jubilant FoodWorks Hits 52-Week High
Brokerages Offer Mixed Outlook After Strong Q3 Showing
Quadrant Future Tek secures ₹131 cr from anchor investors
Quadrant Future Tek on Monday garnered ₹130.5 crore from anchor investors ahead of its initial public offering (IPO).
Sebi Eases Fund Settlement Norms for Dormant A/Cs
The Securities and Exchange Board of India (Sebi) on Monday relaxed settlement norms for brokerage accounts remaining inactive for more than 30 days.
