Hyderabad: The Hyderabad High Court on Thursday issued notice to Union corporate affairs secretary on a petition seeking to entrust the investigation on the affairs of Hill County to the Serious Fraud Investigation Office.
Ms Vasavi Nimmala and Mr Vijay Krishna, US citizens, moved the petition through their GPA holder alleging that the Register of Companies was not taking action on illegal activities and mismanagement of Hill County Properties Ltd.
They told the court that IL&FS had lent Rs 1,875 crore to Down Town Recreations Ltd, a subsidiary to the Hill County Private Ltd, against security of leasehold rights of seven apartments. While hearing the petition, Justice A.V. Sesha Sai issued notice to respondents and posted the case for two weeks.
