Orders reserved on Nimmagadda's bail plea

Published: 29th September 2012 09:02 AM  |   Last Updated: 29th September 2012 10:06 AM   |  A+A-

Justice Samudrala Govindarajulu of the AP High Court on Friday reserved his orders for October 8 on the bail petition of industrialist Nimmagadda Prasad, a key accused in the Vanpic land deal case.

During the course of hearing, the judge made it clear that the court would not interfere if the government's policy was not against the Constitution.

The petitioner's counsel Rajshekhar Rao, while concluding his arguments on Friday, noted that the government had allotted the land with the condition of the development of Vanpic port.

About Rs 4,700 crore was invested to acquire the land.

There existed no relation between Vanpic and Indu projects, and all the allegations made by the CBI on Vanpic transactions have already been recorded.

He urged for the grant of bail arguing that there was no conspiracy involved in the case and there would be no scope for tampering with the evidence.

Prasad was a genuine investor, out of all the investors in Jagan Mohan Reddy's companies, only Prasad was arrested in the case and has been in judicial custody for the last 140 days, the counsel said, adding that the investments of about Rs 850 crore were made into Jagan's companies only after death of former chief minister YS Rajasekhara Reddy.

Earlier, CBI counsel P Kesava Rao opposed the bail stating that the CBI needs to investigate further into the activities of the Indu group company which had invested crores into the Jagathi publications through Prasad.

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