Friday, March 18, 2016
The Hyderabad High Court on Friday quashed a case against India Cements Ltd., Managing Director N.Srinivasan registered by the Central Bureau of Investigation in connection with the illegal investments case of YSRCP president YS Jagan Mohan Reddy.
The Investigating Agency had filed a charge sheet against Srinivasan alleging that he had entered into a criminal conspiracy with the other accused to avail undue benefits from the then Andhra Pradesh State Government headed by Dr. YS. Rajasekhara Reddy, the father of Jagan Mohan Reddy. It alleged that Srinivasan had invested Rs.140 crore in Bharati Cements, Carmel Asia and Jagati Publications owned by Jagan.
Justice B.Siva Shankar Rao found that the material placed before the court failed to prove that Srinivasan entered into a criminal conspiracy in his individual capacity.