It is learned that the AP High Court has dismissed the cases registered by the CID against Amaravati Insider Trading.
Former CS IYR Krishna Rao made an interesting tweet on the latest High Court verdict. He cited the court’s ruling that insider trading was a matter of trading securities and bonds in the stock market and was not applicable to the IPC sections, particularly in land transactions.
“When it is considered a crime to profit from confidential information belonging to a private company, then, it is an offense to profit from confidential information in government, too. Today, the court’s verdict is not limited to the Amravati issue,” said IYR Krishna Rao.
“It is not a legal offense under this judgment for any officer with confidential information on any project in the near future to buy the surrounding lands at low prices and sell them at higher prices after the project arrives. Its consequences will be devastating on the governance system,” said IYR Krishna Rao.
ప్రభుత్వం తప్పకుండా అప్పీల్ చేయాల్సిన కేస్ ఇది.
1. ముఖ్యమంత్రి గారు ప్రమాణ స్వీకారం చేసే సమయంలోనే రాజధాని కృష్ణాతీరంలో ఉంటుంది అన్నారు కాబట్టి దీనిలో రహస్యం ఏమీ లేదు అని కోర్టు వ్యాఖ్యానించింది. ఇది సరి కాకపోవచ్చు. pic.twitter.com/hEiYHllDSs— IYRKRao , Retd IAS (@IYRKRao) January 20, 2021