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3. The Senior Manager Projects APIIC had recommended that the price of the land to be conveyed to SPV on free hold basis by making an upward revision from Rs.29,00,000/- to Rs.40,00,000/- per acre in view of the developments taken place resulting in appreciation of the land cost. However, LVS in furtherance of the criminal conspiracy made a recommendation to the GoAP favourable to M/s. Emaar Properties, PJSC, Dubai (A.2) to the effect of not enhancing the cost of the land per acre but to retain the same at Rs.29,00,000/- assigning the reason that the project would suffer double jeopardy of the increased project cost and corresponding reduction in the Govt. equity, which may cast an additional debt burden on APIIC. LVS himself admittedly accepted the price of Rs.35,00,000/- per acre fixed by the price fixation committee of APIIC in respect of the land at Manikonda Jagir (where the integrated project is located) for the year 2004, which was valid till 31.03.2005, by making an endorsement to that effect in the file,

13(b). The sanction order so far as against him from Paras 8 to 18 reads as follows:

8. The Memorandum and Articles of Association in respect of M/s. EHTPL and Cyberabad Convention Centre were forwarded to Sri LVS on 15.11.2003. The Memorandum and Articles of Association so forwarded were not in conformity with the Collaboration Agreement but Sri LVS did not point it out and maintained a silence detrimental to the interest of APIIC.
9. During the year 2004 when the project was reviewed by the new Government M/s. Emaar Properties PJSC, Dubai submitted a proposal dated 23.09.2004 and 24.09.2004 to revise the implementation structure of the project. While processing the said proposal, Sri TL Ramachandran, Senior Manager (Projects), APIIC had recommended that the price of the land to be conveyed to SPV on free hold basis may be revised from Rs.29,00,000/- to Rs.40,00,000/- per acre in view of the developments taken place which resulted in appreciation of the land cost. However, Shri LV Subrahmanyam in his note dated 05.11.2004 made a recommendation to the Government not to enhance the price of the land stating that the project would suffer double jeopardy of increased project cost and due to reduced Government equity an additional debt burden. That Shri LV Subrahmanyam himself had accepted the price of Rs.35 lakhs per acre fixed by the Price Fixation Committee of APIIC in respect of the land at Manikonda Jagir (where the integrated project is located) for the year 2004, which was valid till the 31.03.2005. In the same note in respect of the lease rentals of the Golf Course also Shri LV Subrahmanyam agreed to the request of the developer and recommended lease rentals as 2% of Gross Annual Revenue;