Telangana HC orders release of 11,804 acres of Vanpic land from ED attachment
Telangana HC orders release of 11,804 acres of Vanpic land from ED attachment
The division bench of the Telangana High Court, consisting of Chief Justice Ujjal Bhuyan and Justice CV Bhaskar Reddy, has issued an order for the release of 11,804 acres of land that belongs to the Vadarevu and Nizampatnam Port & Industrial Corridor (Vanpic) in Andhra Pradesh (AP). This land had previously been attached by the Enforcement Directorate (ED).
The Vadarevu and Nizampatnam Port & Industrial Corridor (Vanpic) is a significant infrastructure project in Andhra Pradesh, aimed at developing a port and an industrial corridor in the region. However, due to various legal and financial issues, the project had faced challenges, including the attachment of land by the Enforcement Directorate.
The recent order by the division bench of the Telangana High Court signifies that the attached land will now be released from the control of the Enforcement Directorate. This decision could have implications for the further development and progress of the Vanpic project.
It’s important to note that my knowledge is based on information available up until September 2021. Therefore, for the most accurate and up-to-date information on this matter, I recommend referring to the latest news sources or official statements.
The High Court has upheld the decision of the appellate tribunal, which found the accused not guilty of money laundering. This ruling has brought significant relief to the promoters of Vanpic, with Nimmagadda Prasad, the founder of Matrix Laboratories, leading the group.
The case surrounding Vanpic involved allegations of money laundering, and the accused individuals had appealed the earlier verdict. The appellate tribunal reviewed the evidence and determined that the accused were not guilty of the charges. The High Court’s decision to uphold this verdict means that the allegations of money laundering against the Vanpic promoters have been dismissed.
This outcome is particularly significant for Nimmagadda Prasad and the other promoters, as they can now move forward without the burden of these accusations. It is worth noting that this information is based on the provided statement, and for the latest and most accurate updates, it is advisable to refer to trusted news sources.