Telangana HC Directs CBI Court to Release Revan Infra Property Documents
The petitioners approached the High Court seeking release of three properties belonging to Revan Infra in Nallur near Bengaluru, valued at around ₹4.95 crore, stating that the company wished to withdraw the collateral: Reports
HYDERABAD: The Telangana High Court on Monday directed the CBI court to release documents related to the immovable properties of Revan Infra, which were submitted as collateral in 2012 for operating the current accounts of Jagati Publications and Indira Television, The case refers to the investigation into the disproportionate assets cases involving former chief minister Y.S. Jagan Mohan Reddy.
Justice J. Sreenivas Rao directed the CBI court to release the documents upon securing a bank guarantee for ₹4.95 crore. A request by the CBI for a month-long stay to enable an appeal was rejected.
The petitioners approached the High Court seeking release of three properties belonging to Revan Infra in Nallur near Bengaluru, valued at around ₹4.95 crore, stating that the company wished to withdraw the collateral. They informed the court that they were prepared to furnish a bank guarantee or fixed deposit receipt for an equivalent amount as required by the lending bank.
Appearing for the petitioners, senior counsel G. Ashok Reddy argued that Revan Infra had provided the properties as collateral to manage the companies’ frozen accounts and that there was no justification for retaining the documents when a bank guarantee could be furnished. He submitted that the companies were willing to comply with all conditions imposed by the bank and the court.
CBI special counsel Srinivas Kapatia objected to the request, stating that the investigation into alleged financial irregularities and money-laundering was still underway. He argued that Revan Infra and Classic Realty had received funds from entities involved in the alleged diversion of proceeds, making the properties part of fraudulent money. He submitted that the Enforcement Directorate had moved an appeal before the Enforcement Appellate Tribunal, and therefore, the documents should not be released until the probe reached its conclusion.
Justice Sreenivas Rao observed that the issue of whether the properties were linked to alleged criminal proceeds was not before the court and remained pending in related proceedings. The judge noted that Revan Infra was not a respondent in the case and that the petitioners were offering adequate security through a bank guarantee.
