HYDERABAD: India Cements Ltd got a huge relief from the Telangana High Court which on Friday quashed the criminal proceedings against the company that were invoked by the CBI pertaining to the Y.S. Jagan Mohan Reddy’s disproportionate assets case.
Chief Justice Ujjal Bhuynan, while pronouncing the orders in the quash petition filed by the firm, represented by its vice-chairman and managing director N. Srinivasan, said the petitioner was a corporate entity, an artificial person, who was not discernible and that it would not secure the ends of justice if the criminal prosecution was allowed to continue against the petitioner.
However, the full copy of the orders is yet to be released.
The CBI had made India Cements and Srinivasan accused in the case related to investments made by various companies in Jagan Mohan Reddy's firms for alleged favours bestowed on them when his father Y.S. Rajasekhar Reddy was Chief Minister. They were in the form of land allotments for development of port and industrial corridor, besides exemption under the Urban Land (Ceiling & Regulation) Act, the agency had maintained. India Cements made alleged quid pro quo investments to the tune of Rs 140 crore.
V.D. Rajagopal, former director of mines and geology did not get any relief from the High Court, in a quash petition he had filed urging it to dismiss the CBI’s charges against related to allotment of limestone mining leases to Pennar Cements. Chief Justice Bhuyan dismissed the petition.
The CBI had filed FIR against Pennar Cements for its investments in the Jagathi Group, promoted by Jagan Mohan Reddy. It alleged that Rajagopal, who was the highest authority in the mining department, had played a key role in granting leases illegally to the cement company and made him one of the accused.
