HYDERABAD: The Special Judge for CBI Cases sentenced M Subbarayulu, former Official Liquidator, Department of Company Affairs, Hyderabad to five years rigorous imprisonment and also imposed a fine of Rs 50,000 on him in a CBI case.
The agency registered a case against M Subbarayulu and others on May 6, 2008, alleging that the accused had shown undue favour to the bidders who purchased the assets of a private company that 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 a said private company without the knowledge of the High Court and extending the time for payment by the bidders of the properties sold in auction in respect of said firm without the orders of the High Court. After a thorough investigation, CBI filed the chargesheet on November 20, 2009, against the accused, who has been found guilty by the trial court.