TAggarwal

Express News Service , The New Indian Express
Posted on Jul 12, 2011 at 02:56pm IST

HYDERABAD:� A division bench of the AP High Court on Monday ordered a prima facie enquiry by the CBI into alleged irregularities committed by Dubai-based Emaar Properties in executing a realty project in Hyderabad in equity partnership with the AP Industrial Infrastructure Corporation (APIIC).

Hearing a letter petition filed by P Shankar Rao, now a minister, relating to the watering down of equity allotted to APIIC in the project, the bench questioned why the court should not order a CBI probe to assess whether there was a prima facie case of illegalities committed by Emaar. Even though the bench indicated its mind, it heard at length the counsels for Emaar Dubai and Emaar India, who contended that the facts of the case did not require a CBI enquiry. They pointed out that this could hurt the reputation of Emaar.

The bench observed that CBI report of the investigation should be submitted to the court in a sealed cover. After perusing it, the court would decide the future course of action. The bench said it would hear another letter petition by Shankar Rao seeking an enquiry into various companies owned by Y S Jagan Mohan Reddy.