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SC convicts K S Raju
A two judge bench of the Supreme Court on Sunday convicted K S Raju, the promoter director of Nagarjuna Finance Limited, under the Contempt of Courts Act.
- It gives Nagarjuna Finance promoter 60 days to pay back investors
- If he fails, he faces six months jail term and a fine of Rs.2,000
Hyderabad: A two judge bench of the Supreme Court on Sunday convicted K S Raju, the promoter director of Nagarjuna Finance Limited, under the Contempt of Courts Act.
The bench of Justice Vikramajit Sen and Justice Prafulla C Pant granted reprieve to the contemnor by giving him 60 days time to pay the quantified amount or undergo six months imprisonment. The bench was dealing with an appeal arising under the Contempt of Courts Act.
Earlier, the Company Law Board (CLB) recorded an undertaking of the contemnor. One of the investors, E Bapanaiah, had moved the CLB complaining that he deposited Rs 4 lakh with the company when it had promised in 1997 that the amount would double in 45 months. The Board recorded the contemnor’s undertaking.
Bapanaiah filed a contempt petition in the AP High Court after the company failed to return the money. He alleged wilful disobedience of the order passed by the CLB, and breach of undertakings including one filed by Raju before the CLB on refunding the money. A single judge convicted the company and the contemnor with a sentence of six months imprisonment and a fine of Rs 2,000.
A division bench of the High Court set aside the order.
The present appeal before the Supreme Court questioned the order of the division bench. “In our opinion K S Raju wilfully disobeyed the order of this CLB and breached the undertaking given to CLB and thereby committed Contempt of Court subordinate to the High Court and as such the division bench of the High Court has erred in law in allowing the contempt appeal by Raju and setting aside his conviction and sentence, recorded against him by the learned single judge,” said the two judge bench of the apex court.
