Srinivasan, who is also the managing director of India Cements, is an accused in one of the aspects of quid pro quo investment cases against Jaganmohan Reddy, popularly known as Jagan.
The Board of Control for Cricket in India (BCCI) chairman was named as an accused in one of the charge sheets filed by the Central Bureau Investigation (CBI) in September.
According to CBI, India Cements allegedly invested Rs.140 crore into Jagan's businesses in return for the benefits it received from the then government of Jagan's father, Y.S. Rajasekhara Reddy.
Jagan, Srinivasan (the third accused in the case), then special chief secretary (environment and forests) M. Samuel, principal secretary (irrigation) Adityanath Das and other accused appeared before the CBI special court which had issued summons to them Sep 25.
The court of Second Additional Special Judge for CBI Cases directed the accused to deposit personal bond and two sureties of Rs.25,000 each. It adjourned the hearing to Dec 3.
Srinivasan, while leaving the court premises, said he did no wrong and would prove his innocence. He later met Jagan at the latter's residence. Jagan was released on bail Sep 23 after 15 months in jail.
The CBI, in the charge sheet filed Sept 10, alleged irregularities in the allocation of water to India Cements' units in Nalgonda and Ranga Reddy district from the Krishna and Kagna rivers, respectively. It also claimed the company got a limestone mining lease in Kadapa district extended in violation of norms.
--IANS (Posted on 01-11-2013)