Andhra High Court quashes Amaravati ‘insider trading’ cases

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Amaravati: Andhra High Court quashes Amaravati ‘insider trading’ cases. In a major setback to the Y.S. Jagan Mohan Reddy government, the Andhra Pradesh High Court on Tuesday quashed all the procedures relating to the alleged insider trading in Amaravati land deals.

The court found that the circumstances of the prosecution against the petitioners is not at all maintainable, observing that it is beyond comprehension as to how private transactions could be criminalized on flimsy grounds.

Justice Cheekati Manavendranath Roy’s judgment has poured cold water on a scandal being alleged by the ruling YSR Congress Party for long against several leaders of the previous Telugu Desam Party government.

A sub-committee of the Cabinet was formed which accused TDP supremo and then Chief Minister N. Chandrababu Naidu and several others for allegedly buying parcels of land before Amaravati was declared as the capital with prior knowledge and termed it insider trading.

It remains to be seen what the next step of the state government will be.

–IANS

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