Hyderabad: The Special Judge for CBI Cases, Hyderabad has sentenced M. Subbarayulu, then Official Liquidator, Department of Company Affairs, Hyderabad to undergo five years of rigorous imprisonment with a fine of Rs. 50,000 for cheating.
On 6 May 2008, the CBI registered the instant case against M 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 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 a charge sheet on November 20, 2009, against the accused, who was found guilty by the trial court
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