The Special Court (CBI), Hyderabad has sentenced M. Subbarayulu, then Official Liquidator, Department of Company Affairs, Hyderabad to undergo five years Rigorous Imprisonment with fine of Rs. 50,000 in a CBI case.
CBI had registered the instant case on 06.05.2008 against M. Subbarayulu, then Official Liquidator, Hyderabad and others on the allegations that the accused had showed undue favour to the bidders who purchased the assets of a private company which 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 said 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.
After investigation, CBI filed chargesheet on 20.11.2009 against the accused, who has been found guilty by the Trial Court.
