Comments
Y Sambasiva Rao, founder of Nova Agritech, whose shares were listed on the Bombay Stock Exchange on Wednesday, faces probe by the Andhra Pradesh police and Revenue Intelligence Department.
Rao is a sitting Telugu Desam Party (TDP) legislator representing Parchur constituency.
The police have filed a case under Sections 123 (1) RPA 1951, 171-E read with 120b of IPC and 155(2) of CrPC on a complaint lodged by the Special Commissioner, Finance Department, AP State Department of Revenue Intelligence.
Rao has been named as first accused in the case pertaining to alleged bribing of voters in 2019 Assembly elections.
The RI Dept has alleged that it found a diary during a search operation on January 24, which contained information about the ‘inflow and out flow’ of cash for illegal distribution of bribes to voters.
Consequent to the registration of the FIR, the police forwarded the details to the officials of the Income Tax Department, Enforcement Directorate and the Securities and Exchange Board of India.
In the maiden session on Wednesday, Nova Agritech shares were trading at ₹58.79.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.