Tribunal frees assets in Bharati Cements case

Tribunal frees assets in Bharati Cements case
01/08/2019 , by , in ALLIED

In a huge relief to Bharati Cements, an appellate tribunal under Prevention of money laundering Act has freed several of the company’s properties and deposits worth Rs 790 crore from the attachments made by Enforcement Directorate.

Justice Manmohan Singh, the chairman of the tribunal, however, asked the company to furnish bank guarantee for getting its ?192 crore cash deposits released. The attachments were made five years ago by ED after the CBI booked FIR against then MP YS Jaganmohan Reddy, and charged him with acquiring disproportionate assets during his late father Dr YS Rajasekhara Reddy’s tenure as chief minister of AP.

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