Relief for Srinivasan in quid-pro-quo investment case
The Hyderabad high court on Friday ordered quashing of India Cements Managing Director N Srinivasan’s name from a charge-sheet filed by the CBI in a case pertaining to alleged quid-pro-quo investments made in the companies of YSR Congress chief Jaganmohan Reddy.
Srinivasan, former BCCI chief, had filed a petition, seeking quashing of the case against him. Justice B Siva Sankara Rao, in his order, observed that the allegations against Srinivasan were unfounded. The charge-sheet, filed in 2013, names Srinivasan as an accused. It alleges that India Cements made investments to the tune of Rs 140 crore in the companies of Jagan and in return got land leases and allocation of water from rivers Krishna and Kagna from the Andhra Pradesh goverment, then headed by Jagan's father YS Rajasekhara Reddy.