Telangana HC Grants Interim Stay on ED's Rs 40 Crore Penalty Against MP Raghurama

Hyderabad: The Telangana High Court issued interim stay orders on Enforcement Directorate’s order imposing Rs 40 crores penalty on YSRC rebel MP Kanumuri Raghurama Krishna Raju for violation of the Foreign Exchange Management Act.

The ED said that Raju’s company Ind Barath Sun Energy Pvt Ltd (IBSEPL) had obtained Rs 202 crore FDI in 2010 and transferred it as downstream investment. Raju said he had resigned from the company which in any case does not require approval under the police as an operating-cum-investing company.