Director Linkages promoter being same group

Press Release

The Maytas Saga

The investigation by our group was started when we observed certain companies (14) applying for land use change citing needs of SEZs being developed by Maytas Properties Pvt. Limited.

All these companies are represented by Rajus and all surprisingly have similar sounding names which raised doubts. We then decided to conduct our enquiry using public documents like those available with RoC and Revenue Department Land Records.

Out of the 17 (14 + 3 specially formed companies for developing SEZs) companies we have investigated the directors keep repeating in various places apart from numerous other companies which were not part of the investigation done by us. The details are given below which show that the control is essentially by people closely linked to the Family lead by Mr. Byrraju Ramalinga Raju. Except in case of two companies the majority or controlling stock share is with the BYRRAJU family which clearly shows their stake and involvement in the issue.

Namburi Rama Raju 8 companies, Namburi Siva Linga Ravi Prasad Raju 7

Byrraju Rama Raju 5 (6 others) (son), Byrraju Suryanarayana Raju 5 (brother),

Datla Venkata Satya Subba Raju 4 (total 15 companies)

Manthena Suryanarayana Raju 4 B.Teja Raju 4 (5 others) (son)

Byrraju Radha 4 (Daughter-in-law), Byrraju Jhansi Rani 3 (Sister in law)

B Nandini Raju 3 (wife)

Most of these companies were formed in 2000 (09) and it would seem that the idea of using front companies for land acquisition to get around various laws of the land has been in place for a long time.

There are many subsidiaries to these companies which are again most probably controlled by the same family. It is unfortunate that such large numbers of companies were floated by one family without raising any doubt in any of the regulatory agencies like RoC, IT, or Revenue Department.The studies of these companies clearly show how Byrraju family has cleverly circumvented provisions of Land ceiling Act. Each company though owned by them is an individual entity and the land deals have cleverly done so that none of them as per records available violate the land ceiling provisions. It is clear from the land ownership where some companies cleverly stopped at 53 acres possession.

All the companies which have leased land to MAYTAS developed SEZs are in reality owned by the same group of promoters. This clearly shows how companies are using a clever route of multiplicity of entities to mask their ownership and avoid suspicion and taxes.

The applications for Land use change of lands in SEZ and surrounding areas are surprisingly made to the Minister, MA & UD but not the department as is the norm which raises question marks on the transparency of governance.

In Maytas Hill County SEZ there are govt. lands in 1 survey number and also Inam lands in another survey number. This issue needs a thorough enquiry on how govt. lands have been given away to unknown companies who are involved only in real estate business and have dubious origins.

The source of funding for these companies have not been verified by lending or hypothecating agencies either who have lead to a situation where companies with vague sources of funding have invested in land and have again raised large sums of monies by hypothecating the same in banks to invest further in lands through subsidiary companies and thus gaining control over large swathes of land.Some of the important Questions that need to be answered are:

1. Mr. Karthik Sarma is appointed as nominee Director of SRS Orion I Investments Limited, SRS Orion II Investments Limited, SRS Orion III Investments Limited, JM Financial Trustee Company Private Limited Scheme I & JM Financial Trustee Company Private Limited Scheme II . He is the nominee director in both MAYTAS HILL COUNTY SEZ PRIVATE LIMITED and also MAYTAS VENTURES SEZ PRIVATE LIMITED.

Is there a Nagarjuna Finance Link to Maytas as some newspapers alleged that Nagarjuna Finance money was diverted by JM Financial Trustee Company? Does the Nagarjuna fraud have something to do with the larger Maytas satyam scam?

2. Who are what is the funding source for these companies which apart from land deals do not seem to have any other business activity?

3. Auditor involvement For the entire front companies only two audit companies have been involved. Was the role of auditors who have approved the financial statements including source of funding above board?

4. What was the role of Political bosses and bureaucrats in departments like registration, Income Tax, Corporate affairs in allowing this mass purchase of lands, land use change, fund flow etc.?

5. What is the relationship between the front persons of these companies and the Byrraju family which they have shielded from public scrutiny?

6. Who operates the email ID of raju_k60@yahoo.com which is used by different companies, directors and also the auditor while signing digitally the formats of reporting?

S NoEmail IDIndividuals using this email IDNames of the companies using this ID

1raju_k60@yahoo.com 1. Namburi Rama Raju

2. Datla Venkata Satya Subba Raju

3. Namburi Siva Linga Ravi Prasad Raj

4. Alluri Venkata Raghava Raju

5. Banduvula Laxmi Narasimha Phani Kumar (Auditor)1. Bharani Agro Private Limited

2. Chandrabhaga Agro-Farms Private Limited

2rrnamburi@rediffmail.comNamburi Rama RajuChitta Farms Private Limited

3dvssubbaraju@rediffmail.comDatla Venkata Satya Subba Raju1. Nallamala Agro-Farms Private Limited

2. Chandrabhaga Agro-Farms Private Limited

4prnamburi@rediffmail.comNA1. Satabisha Agro Private Limited

2. Kanchenjunga Greenlands Private Limited

3. Penneru Agro-Tech Private Limited

5srmanthena@rediffmail.comManthena Suryanarayana Raju1. Malayagiri Greenlands Private Limited

2. Manas Greenlands Private Limited

3. Sravana Agro Private Limited

6gkrkolanuvada@rediffmail.comKolanuvada Gopala Krishnam RajuMandakini Agro-Tech Private Limited

7. How come RoC does not have a procedure for checking the duplicity of details like email IDs?8. The role of following auditors has to be investigated in detail,

a. Krishna & Prasad

26 Ground Floor, Rbvr Reddy Hostel Complex

Tilak Road, Abids

Hyderabad 500001

b. P.R.Datla & Co

6-3-788/A/9, First Floor, Lakshmi Prasanna Nilayam

Durganagar Colony, Ameerpet

Hyderabad 500016

c. Trm & Associates

Iii Floor, Zore Complex, Erramanzil

Hyderabad-500082

9. The following auditors Role should also be investigated in detail, Banduvula Laxmi Narasimha Phani Kumar - blnphani@hotmail.com and also the specified email Id raju_k60@yahoo.com10. The following are the company secretaries for these companies,

a. Tirunagari Toli Mahadev cacs.in@gmail.comb. G. Murali Krishna gmurali.pcs@gmail.comWE DEMAND:

Thorough enquiry into land deals by all these companies and look into other land purchases by the same companies elsewhere.

Source of funding for the promoters

Loans given to these companies under hypothecation

Relationship between the directors and Byrraju family.

Role of auditors of these companies

Thorough Investigation into the alienation of Govt Lands s