AP High Court dismisses insider trading charges against former AG Dammalapati Srinivas

The Andhra Pradesh High Court on Thursday struck down the cases filed by former Advocate General Dammalapati Srinivas and others under the Insider Trading and Anti-Corruption Act. It is learned that the AP government has registered cases against him under the Corruption Act for allegedly acquiring assets in excess of his income. The High Court granted a stay on the matter. After that, the AP government moved to the Supreme Court.

The case came up for hearing recently. The Supreme Court upheld the High Court's ruling that insider trading did not take place anywhere and directed the High Court to hear the case within a month. The AP government has withdrawn the petition filed in the Supreme Court. The case has been pending in the High Court for the past few months.

The hearing was held in the AP High Court on Thursday. The court ruled that the allegations made against Dammalapati and his relatives and family members were baseless and that there was no evidence anywhere. It also issued orders quashing the FIR registered against him. The High Court also given an opportunity to Srinivas to start legal proceedings for filing cases against him and causing distress.