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Babu Knows in Advance & Sold Heritage: YCP

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Ever since Prime Minister Narendra Modi has announced the new demonetization scheme, opposition parties have started accusing AP Chief Minister Chandrababu Naidu of knowing this in advance and taking advantage of it. Two incidents are being quoted by the opposition leaders to strengthen their accusations.

Barely a month ago, Chandrababu had written a letter to Modi, requesting him to ban the high denomination Rs 500 and Rs 1,000 currency notes. ‘As TDP is an alliance partner of BJP, Chandrababu got hold of the masterstroke and wrote a letter in advance so that he can claim the credit later,’ said an opposition leader.

The sale of Nara family owned Heritage, juts a day before Modi’s announcement, has become the second and the major weapon of opposition to corner Babu.

It may be noted that Kishore Biyani-led Future Group has acquired Heritage Foods Ltd in an all-stock deal. Heritage Foods, which owns 124 retail outlets under the brand name ‘Heritage Fresh’, got 3.65 per cent share-holding worth Rs 295 crore in Future Retail through fresh issuance of shares.

Opposition accuses that Babu was already aware of Central govt.’s monetary scheme hence he went for stocks instead of cash option.

Those who are aware of how high profile business deals are closed in general, will understand that people often opts for shares instead of hard cash in most of the deals and Chandrababu too followed the same tactic. But the fact that the deal was closed just a day ahead of the demonetization is raising eyebrows nonetheless.

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