Friday , April 19 2019

Lokesh explains how His Assets Grew To Rs 330Crs in a span of 5 months

Nara Lokesh submitted an affidavit to election commission indicating the total value of assets is around Rs 330 crore.

Telugu Desam Party general secretary and son of AP chief minister, Nara Lokesh assets have grown by 23 times i.e from Rs 14.5 Crore to Rs 330 Crore just in a span of five months.


Lokesh, who filed his nomination papers for an MLC seat on Monday, submitted an affidavit to Election Commission, indicating that the total value of his assets is around Rs 330 crore, in which  Rs 273.84 crore are in the form of shares in Heritage Foods, fixed assets worth Rs 18 crore and ancestral property worth Rs 38.52 crore. Besides, he had loans of Rs 6.27 crore.

The details of assets provided by Lokesh to the Election Commission are quite different to the assets declared by him in public on October 19, 2016. As part of “transparent” declaration of his family assets every year, he said the total value of assets owned by him was only Rs 14.50 crore, including Rs 2.52 crore in the form of shares in Heritage, Rs 1.64 crore worth shares in other firms and a car worth Rs 93 lakh. He also declared that he had taken loans of Rs 6.35 crore.

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Nara Lokesh has called on for a sensational press conference after filing his nomination, clarified all the doubts regarding his assets.

“My announcement of properties last October was based on acquisition value. Election Commission procedures stipulate that the true market value should be revealed so I declared the assets’ value as per latest market rates. I had inherited Heritage Foods shares from my father in 1998 and I own 23, 66,400 shares and the market value of each share was less than Rs 200 till 2010. Now the share value is about Rs 1,100 which expanded the total value of the shares that I own to Rs 273 crore,” he said.

Lokesh clarified that while declaring his assets in October, he had given the original amount invested to get the shares in the company.

On the increase in the value of Heritage Food shares, Lokesh said it was the result of an increase in the value of share prices of the new company after the sale of the loss-making retail division to the Future Group.

In the affidavit submitted to the Election Authorities, Lokesh also declared the assets of his spouse, Nara Brahmani, and two-year-old son Devansh.

In October, the total value of Brahmani’s assets was shown as Rs 5.38 crore and that of Devansh was worth Rs 11.70 crore. But now in the election affidavit, the value of Brahmani’s assets was shown as nearly Rs 28 crore. The assets Devansh remained more or less same.


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