Tuesday, July 19 2005 20:46 Hrs (IST) - World Time -

Hyderabad: Alleging largescale 'irregularities' in the sale of public sector and cooperative undertakings during the previous Telugu Desam Party (TDP) rule, the ruling Congress in Andhra Pradesh today (July 19, 2005)demanded a thorough probe into the 'dubious transactions involving an estimated loss of Rs 500 crore to the exchequer."

"The TDP Government had undervalued 20 properties belonging to public sector undertakings and cooperative units and sold them away to benefit the close associates of the then Chief Minister N Chandrababu Naidu," nine Congress Legislators said.

In a letter to Chief Minister Y S Rajasekhar Reddy, they demanded a comprehensive probe into the dealings so that the cost variation could be recovered.

As against the actual market value of Rs 736 crore for the properties put on sale, the exchequer could make only Rs 239.35 crore as a result of 'gross under valuation done by officials handpicked by Naidu,' the Member Legislature Assembly (MLAs) alleged.