New Delhi. A high-profile case with UAE connection has come to light in the Supreme Court. It is associated with the famous industrialist of Hyderabad, Nimmagadda Prasad. The court has taken a strict stance against them and has directed them to deposit Rs 125 crore in cash as security deposit and the original documents of 37 acres of land in Telangana.
What is the whole matter and UAE connection?
This entire controversy dates back to the year 2008, when 'Vanpic Project' was started to build a port and airport in Andhra Pradesh. It is alleged that about 120 million US dollars were embezzled in this project. In this case, RAKIA, the investment arm of the United Arab Emirates (UAE), had won the case in the UAE court against Nimmagadda Prasad and Matrix Pharmacorp Private Limited. Now RAKIA wants to implement this decision in India and recover a total of Rs 643 crore including its principal amount (543 crore) and interest.
Industrialist's proposal in court and SC's strictness
Earlier on February 12, the Supreme Court had asked Prasad to deposit a security amount of Rs 600 crore. In response, the industrialist submitted an affidavit before the court, in which he offered shares and properties worth Rs 212 crore, Rs 125 crore in cash and 37 acres of land in Medchal-Malkajgiri (reported value Rs 408 crore).
Anil Ambani appeared before ED after the Mumbai bungalow 'Abode' was seized, know in which case he was interrogated
The bench flatly refused to accept shares and properties which have already been attached by commercial courts. However, the court directed to submit the original papers of 37 acres of land in the registry.
Also, the court said that the Rs 125 crore that will be deposited in cash will be kept in a high-interest fixed deposit (FD) in the Supreme Court-based UCO Bank for 6 months, which will be automatically renewed.