CBI jails ex-liquidator Subbarayulu for 5 years for favouring bidders in asset sales
The CBI had registered a case in 2008 against M Subbarayulu on the allegations that the accused had shown undue favour to bidders who purchased assets of a private company which went into liquidation.
By Newsmeter Network Published on 25 July 2023 12:09 PM GMT
Hyderabad: Former liquidator M Subbarayulu has been sentenced to five years of imprisonment by a CBI Court for undue favour to a bidder who purchased assets in companies under liquidation.
The Special Judge for CBI Cases, Hyderabad has sentenced M Subbarayulu, then official liquidator, Department of Company Affairs, Hyderabad, to undergo five years of rigorous imprisonment and fined Rs 50,000 in the CBI case.
Background
The CBI had registered a case in 2008 against M Subbarayulu, then official liquidator and others on the allegations that the accused had shown undue favour to bidders who purchased assets of a private company which went into liquidation and also accepted delayed payments without necessary orders from the High Court.
It was further alleged that the accused committed serious irregularities including disposal of assets of said private company without the knowledge of the High Court and extending time for payment by the bidders of the properties sold in auction in respect of said firm without the orders from the High Court.
Following an investigation, the CBI filed the chargesheet in 2009 against the accused, who was found guilty by a trial court.
