Jagan assets case: HC quashes case against Srinivasan

Jagan-assets-caseIn a big relief to N Srinivasan, the Managing Director of India Cements, the Hyderabad High Court has quashed all charges against him in the disproportionate assets case of YSRC leader YS Jagan Reddy. According to a press release issued by the company, Srinivasan was exonerated from the alleged quid pro quo case, filed by CBI
The CBI had charged that the former Chief of BCCI has invested about Rs 140 crore in three companies promoted by Reddy as part of a quid pro quo.
CBI has also alleged that India Cements had obtained permission to draw additional water from the river Krishna to its cement manufacturing units, besides a mining lease in Kadapa district for 25 years.
Justice B. Siva Shankar Rao allowed a petition by Mr. Srinivasan, who is also a former president of the Board of Control for Cricket in India and quashed the proceedings against him.
The judge felt that Srinivasan was not involved in his personal capacity in any way in commission of offence and no conspiracy can be attributed to him, and hence, charges levied against him for offences under the Prevention of the Corruption Act were not attracted to him.

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