The Supreme Court has dismissed a petition filed by the state government alleging insider trading in Amaravati. The Apex court listened to the arguments of the Government elaborately and has decided that there is no need for investigation into the allegations.
The Government counsel told the apex court that an inquiry should be held into the irregularities in Amaravati under the Transfer of Property Act and that the High Court had obstructed the preliminary inquiry. He said that the orders given by the High Court should be quashed and there were objections on some aspects of those orders.
The Government observed that no one who sold their lands has complained and only a few people on the behalf of the buyers complained after six years of the sale. The court opined that there is no need for the investigation when the buyers did not complain.
The Apex court also opined that the speculations about capital coming in Amaravati were in the media for a long time before the said sale of lands and so, there may not be a chance for Insider Trading. This rejection by the Supreme Court will also cost a lot of political capital for YSR Congress as they fail to show any substantial evidence of irregularities during Chandrababu Naidu‘s rule.
