HYDERABAD: The special judge for CBI Cases sentenced M. Subbarayulu, then official liquidator, department of company affairs, Hyderabad, to undergo five years of rigorous imprisonment and pay a fine of ₹50,000 in a 15-year-old case registered against him by the CBI in May 2008.
The CBI had said that Subbarayulu had shown undue favour to 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 the investigation, CBI filed a charge sheet in November 2009, after which the court took up the trial and pronounced the verdict on Tuesday.
