Hyderabad, Aug 4 (IANS) The Andhra Pradesh High Court Thursday reserved its orders in the case relating to the alleged illegal assets of YSR Congress Party chief Y.S. Jaganmohan Reddy.

A division bench of Chief Justice Nisar Ahmed Kakru and Justice Vilas V. Afzalpurkar reserved the orders after hearing the arguments of another petitioner, K. K. Sherwani, a lawyer from Kadapa district.

The court also began examining the preliminary investigation reports submitted by the Central Bureau of Investigation (CBI). The judges opened the sealed covers to examine the contents of the agency's report.

Sherwani told reporters outside the court that the court may pronounce its order any time in 40 days. He was confident that people of the state would be satisfied with the court's order.

The petitioner alleged that Jagan, as Jaganmohan Reddy is popularly known, amassed huge wealth as companies allegedly favoured by his father and the then chief minister Y.S. Rajasekhara Reddy pumped big money into his firms.

Jagan's counsel termed as "wild" the allegations leveled by the petitioner and said he had not submitted any proof to substantiate the allegations.

The court Tuesday and Wednesday heard the arguments of other petitioners, including state minister Shankar Rao and three leaders of Telugu Desam Party (TDP).

Counsel for Jagan, the MP from Kadapa, had described the petitions as politically motivated and alleged that the state government is hounding his client.

It was on the basis of a letter by Shankar Rao as a state legislator in November 2010 that the court took up the case. Rao alleged that Jagan was worth Rs.11 lakh prior to 2004 but now has assets worth Rs.43,000 crore. He sought a probe by the CBI in the matter.

TDP leaders, including K. Yerran Naidu and Sherwani, also filed petitions, seeking a CBI probe.

The court on July 12 ordered preliminary investigations by the CBI to satisfy itself if a case exists for filing an FIR or ordering a full-fledged inquiry. The federal agency submitted to the court its report in a sealed cover last week. It also filed an additional report on Monday.

The petitioners alleged that investments were made into Jagan's companies, including Jagati Publications and Indira Television, in violation of various laws and as quid pro quo for the lands allotted and other favours shown by his father to the investors.

YSR, as Rajasekhara Reddy was popularly known, was chief minister from 2004 to 2009. He died in a helicopter crash on Sep 2, 2009.

Jagan, said to be the richest MP, quit the Congress party in November 2010 and floated YSR Congress early this year.