Telangana HC Grants Relief to Vijaysai Reddy in ICAI Case
Deccan ChronicleHyderabad: YSRC leader V. Vijaysai Reddy received a major relief from the Telangana High Court in relation to disciplinary proceedings against him issued by Institute of Chartered Accountants of India, which also proposed suspension of his membership. Justice Surepalli Nanda allowed the petition filed by Vijaysai Reddy, who challenged the ICAI disciplinary committee’s prima facie opinion, which noted that Vijaysai Reddy was accused of alleged misconduct in his capacity as the financial advisor of Y.S. Allegations against Vijaysai were that he was assisting Jagan Mohan Reddy’s companies in obtaining manipulated valuation reports and raising funds thereon. Challenging the same, Vijaysai Reddy approached the Telangana High Court, where Justice Nanda allowed Reddy’s petition on the grounds that the respondent institute had not submitted any material to prove that Vijaysai Reddy was involved in raising funds for Jagan Mohan Reddy’s companies.