A special CBI court in Hyderabad has sentenced M. Subbarayulu, then Official Liquidator, Department of Company Affairs (DoCA), Hyderabad to undergo five years of rigorous imprisonment.
The court while awarding him jail term also imposed a fine of Rs 50,000 on him. The CBI registered the instant case on May 6, 2008, against Subbarayulu and others on the allegations that the accused had shown undue favor 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 the disposal of assets of the 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 of the High Court.
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After the investigation, CBI filed a chargesheet on November 20, 2009, against the accused. The court held the accused guilty.
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