Amaravati, Andhra Pradesh, February 19, 2025: The Andhra Pradesh High Court heard arguments in the conspiracy case against Y. Vikranth Reddy, with Advocate General Dammalapati Srinivas alleging that Reddy colluded with former government officials to pressure KVR Group’s KV Rao into transferring his stakes in Kakinada Seaports (KSPL) and Kakinada SEZ (KSEZ) to Aurobindo Group. He claimed a falsified audit report was used to evade ₹965 crore in state dues and intimidate Rao.
The AG stated that despite KSPL being profitable, a 41% stake worth ₹2,600 crore was acquired for just ₹480 crore. Opposing anticipatory bail for Reddy, he cited evidence of threats. KV Rao’s lawyer, Posani Venkateswarlu, argued that Rao’s signatures were forcibly taken and that Aurobindo obtained the SEZ stake for ₹12 crore, despite a ₹400 crore agreement.
