Delhi Court Clears Aurobindo Promoter in High-Profile Excise Policy Probe
New Delhi: P.Sarath Chandra Reddy, promoter and non-executive director of Aurobindo Pharma Limited, has been acquitted by a Delhi court in the alleged excise policy or "liquor scam" case, providing significant legal relief to the senior company executive.
The order was passed by the Rouse Avenue Court, which discharged Reddy along with 22 others in connection with the case related to the formulation and implementation of Delhi’s excise policy. The matter had drawn considerable public and political attention over alleged irregularities in the liquor policy framework.
Reddy had earlier been arrested by the Enforcement Directorate (ED) in connection with a money-laundering probe linked to the excise policy case. During the course of proceedings, he was granted permission by the court to turn approver in the matter.
The acquittal is seen as a key development for Aurobindo Pharma, as the case had created a legal overhang around one of its promoters. Following the court’s decision, investor sentiment appeared to improve, with the company’s shares witnessing movement in trade amid the development.
According to a recent media report by CNBC-TV18, the court’s order has brought clarity to the legal position of Reddy in the high-profile case, which had involved multiple accused and allegations of procedural lapses in the framing and execution of the excise policy.
The case had been under investigation for an extended period and was closely tracked by markets due to Reddy’s association with one of India’s leading pharmaceutical companies.
