The Jagan government received another shock in the high court. The High Court on Thursday struck down cases filed against former Advocate General Dammalapati Srinivas and others under the Insider Trading and Anti-Corruption Act. The AP government has registered cases against him under the Corruption Act for allegedly acquiring assets in excess of his proceeds.
The High Court, which heard the cases earlier granted a stay. With this, the AP government went to the Supreme Court. When the case came up for hearing recently, the Supreme Court upheld the High Court’s judgment that insider trading did not take place. The Apex court has directed the High Court to complete the case hearing within a month.
Today, the High Court gave its verdict in this case. The court dismissed the allegations against Dammalapati and his relatives and family members, saying the allegations were baseless and there was no evidence anywhere regarding Insider trading. It also issued orders quashing the FIR registered against him.
The court clarified that he can file defamation cases against the Government unfairly filing cases and causing mental anguish. This will be a big setback to the Jagan Government which has been making allegations on the Telugu Desam Party in the name of Insider Trading in Amaravati.