Hyderabad: Telugu Desam Party (TDP) MLA RaghuramaKrishna Raju has received relief from the Telangana High Court after the State Bank of India (SBI) declared his bank account fraudulent in connection with the insolvency proceedings of Ind-Bharat Power Gencom Ltd. RaghuramaKrishna Raju approached the High Court, seeking a stay on these proceedings.
Justice C V Bhaskar Reddy, who heard the petition, passed an interim order yesterday, staying the implementation of SBI’s proceedings. The court issued notices to the respondents, including the Reserve Bank of India and SBI, and scheduled further hearings for May 28, directing the respondents to file counters.
On May 28, SBI had also declared the account of K Seetharamam, director of Ind-Bharat Power Gencom Limited, as fraudulent. Recently, the court issued an interim order granting relief to Seetharamam as well.
The next hearing on this matter is awaited, as the court continues to scrutinize the actions taken by the financial institutions involved.