APIICAndhra Pradesh Industrial Infrastructure Corporation Ltd. (India)
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When it was pointed out that the APIIC was embroiled in several scams earlier during the late YS Rajasekhar Reddy government, he admitted controversial decisions were made but hastened to add the APIIC now operates in a transparent manner and is monitored by the commissioner of industries.
Acharya is now the principal secretary, industries, and was recently stripped of his APIIC designation.
The Hyderabad project involves allotment of 535 acres of prime land by the APIIC at Nanakramguda on Hyderabad's outskirts to Emaar for developing a golf course, residential complex, star hotel and convention centre.
The original agreement gave the APIIC a 49 per cent stake in the leased land.
The entire deal was handled allegedly by BP Acharya, former MD of APIIC and one Parthasarathy Rao, who is said to be a close relative of Rajya Sabha member KVP Ramachandra Rao, a friend, philosopher and guide of late YSR and his family.
The chairman of APIIC at that time was Ambati Rambabu, who is a close confidant and campaign manager of Jaganmohan Reddy and was recently suspended from the Congress party for his utterances against Chief Minister Rosaiah.
The scandal came to light recently when the present management of the APIIC headed by S Sivarama Subrahmanyam, a close aide of Rosaiah, served a notice on Emaar for not paying anything towards its share and causing a loss of nearly ` 2,500 crore to the state exchequer.
After the Emaar scandal, more and more skeletons started tumbling out of the APIIC cupboard with reports of land allotments in Visakhapatnam, Kadapa and Anantapur during the YSR regime, causing huge loss to the government.
It is one of the biggest scandals in the state's history and needs to be thoroughly probed along with all the land allotments made by the APIIC during the YSR regime between 2004- 09," Ravindra Reddy said on Wednesday.
The APIIC board had an emergency meeting on Tuesday to discuss the alleged scandal and decided to order a detailed inquiry into it.
Back in August 2003, the APIIC had entered into an MoU with Emaar for the development of a residential- cum- commercial project -- including a golf course, a convention centre and a five- star hotel -- in Hyderabad.
Abu Dhabi-based LuLu Group launched work on an International Convention Centre, a five star hotel and a retail mall at APIIC grounds at Harbour Park here to promote meetings, incentives, conferencing and exhibitions (MICE) tourism in Visakhapatnam.