YSR Congress president Mr YS Jaganmohan reddy has reportedly given a wrong picture of the value of his investments in Bharathi Cements in the declaration attached to his nomination papers.
He has purposefully underestimated his investments in the company by at least Rs.1800 Cr. He holds 2, 38, 06, 444 shares or 30.06 per cent of Bharathi Cement’s holdings. He said the value of his stock in the company is worth Rs.36.07 Cr as per the book value of Rs.15.15 per share.
He has conveniently suppressed the fact that his company’s shares are revalued at the rate of Rs 671.20 per share when 51 per cent of the company’s stock was purchased by the Parficim S.A.S., a subsidiary of French cement manufacturer Vicat last year.
Generally, the book value never changes unless and until it is revalued. Here, since the book value is revalued, the revised value of Rs 671.20 per share should be shown in the accounts. But Jagan conveniently chose to forget this fact while he mentioned the worth of his stock in the company in the affidavit attached to the nomination papers filed for the by election to the Kadapa Lok Sabha seat.
