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Saturday, August 4, 2007

Industrialist KS Raju gets six months jail term

Nagarjuna Finance Limited promoter-director KS Raju has been sentenced to a jail term of six months in a contempt case.

The AP High Court on Friday sentenced Raju to the jail term and imposed a fine of Rs 2000. The court also asked him to bear the food expenses while serving the prison term.

Justice Anand Reddy pronounced the judgement for wilfully disobeying of the orders of the court.

Edupuganti Bapanaiah, resident of Kolluru village in Guntur district, filed a contempt petition against Raju, N Selvaraj, president of Nagarjuna Finance Limited and Nagarjuna Finance.

He urged the court that the respondents had wilfully disobeyed the orders passed by Company Law Board, Chennai, seven years ago. They had also committed breach of the affidavit filed in the court in April, 2001.

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