Hydera bad: Telangana High Court on Wednesday clarified to Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) that probe against Hyderabad-based Transstroy (India) Ltd. and its directors can be continued.
The court further said necessary action could be contemplated under law over Rs. 7,926 crore fraud in a consortium of banks led by Canara Bank.
The court amended its earlier interim directions in which it directed the CBI, ED and the consortium of banks not to take any coercive steps against the company and its directors. But on Wednesday, it allowed CBI and ED to go ahead with their further course of action.
The CBI has named the company, its chairman-cum-managing director Cherukuri Sridhar and additional directors Rayapati Sambasiva Rao and Akkineni Satish in its FIR. It is alleged that the private firm based in Hyderabad and its directors had fraudulently availed credit facilities on multiple banking arrangements.
