On Friday,18th of March, the Hyderabad High Court quashed criminal case charged by CBI against N. Srinivasan, MD India Cement Ltd. Mr Srinivasan moved a petition before the HC of Hyderabad to quash the charges by CBI
Justice B Siva Sankar Rao, allows the petition and after hearing, found that CBI failed to prove the element of criminal conspiracy by Mr.Srinivasan for personal gains. Thus quashes criminal charges under Section 120 (B), Section 420 of IPC and Section 12 Prevention of Corruption Act put forward by CBI against him in disproportionate assets case involving YS Jagan Mohan Reddy. The Judge further noted that when everything was done with the Board’s consent, then the company is liable for those action.
The CBI had filed criminal charges against Srinivasan in relation to illegal investment case, alleging that he had illegal connection and had entered into criminal conspiracy with other accused in order to get undue benefits for his Cement plant. Further CBI alleged that in return he had invested 140 crore rupees in companies owned by JaganMohan Reddy, son of former Andhra Pradesh CM – YS Rajasekara Reddy and YSR Congress Party leader.
However, the case on the company India Cement Ltd will continue , but definitely the decision of the upper court will have an effect on the running proceedings in trial court.
Adv. Mikky Sudhakaran