Andhra Pradesh finance minister Payyavula Keshav on Thursday alleged that the YSR Congress party leaders are desperate to prevent flow of investments into the state by making false statements and writing emails to the investors.
Keshav told reporters that former chief minister Y S Jagan Mohan Reddy and former finance minister Buggana Rajendranath Reddy are conspiring to damage the image of the "AP Brand," spreading panic as if some disaster is happening in the state.
“They are pretending to show concern for the state’s financial situation, government treasury, and the public, but in reality, trying to obstruct the state's development,” he alleged.
He said when the government issued GO No. 32 in March this year to raise Rs 9,000 crore through AP Mineral Development Corporation, they unsuccessfully tried to block this move.
“A Wipro employee named Uday Bhaskar, based in Germany, reportedly sent nearly 200 emails to investors in the bond market urging them not to invest,” he pointed out.
The YSRCP’s Rajya Sabha members and members of the finance standing committee filed complaints with the central government, RBI, and SEBI. They also filed a PIL in the high court through their party leader Lella Appireddy.
“They previously made a huge issue of the Direct Debit Mechanism, which ironically is now being implemented nationwide. Despite all their efforts, the RBI and SEBI granted clearance, and investors oversubscribed the bonds. Yet, their complaints have not stopped,” Keshav said.
He pointed out that during their tenure, they too pledged many assets and even issued GO No 35 in March 2024 to raise Rs 7,000 crore via APMDC.
“Regardless of their conspiracies, the "AP Brand" has not diminished; bonds were oversubscribed,” he said.
He warned that cases of sedition would be filed against them for their false propaganda and acts that obstruct the state’s development.
