Heritage Foods Ltd on Thursday denied the allegations of acquiring land in Guntur district of Andhra Pradesh allegedly through insider trading.
"The company is contemplating to initiate legal action against those who are making such false allegations against Heritage Foods," said M Sambasiva Rao, president of the firm, in a statement.
The company further said that its lands are in Kanteru village, which is not part of Amaravati and is 20 km away from the capital region.
The company further said that they had purchased lands three months prior to the formation of the TDP government.
The YSRCP, the ruling party of Andhra Pradesh, had levelled allegations of insider trading in Amaravati capital region.
The ruling party alleged the TDP leaders and their unnamed associates have purchased more than 4,000 acres of land in and around Amaravati capital region.
Andhra Pradesh Finance Minister Buggana Rajendranath, in the recently concluded Assembly session, said that Heritage Foods had purchased lands near Amaravati area before the announcement of capital in the region.
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