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N Srinivasan, Vice-Chairman and Managing Director, India Cements, has got some legal relief. The High Court of Andhra Pradesh and Telangana has on Friday quashed all charges against him in the disproportionate assets case of YSR Congress Party Chief Y S Jaganmohan Reddy.
“Justice B Shiva Shankar Rao of Hyderabad High Court today quashed all the criminal charges filed by the Central Bureau of Investigation (CBI) against him,’’ the company said in a release issued here today.
The CBI had charged Srinivasan with the offences in connection with certain commercial investments in three companies promoted by Reddy as part of a quid pro quo.
The court has relied upon the judgment of the Supreme Court in Sunil Bharthi Mittal case with respect to the vicarious liability of the managing director of the company in his personal capacity vis-à-vis actions of the company.
It also observed 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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