Telangana High Court Dismisses Jagati Publications Plea

The Telangana High Court has dismissed an interim petition filed by Jagati Publications seeking permission to transfer funds to foreign accounts and open new bank accounts. The petition was related to bank accounts frozen in connection with alleged disproportionate assets cases involving former Andhra Pradesh Chief Minister Y. S. Jagan Mohan Reddy. Justice Tirumala Devi delivered the verdict after hearing arguments in February.

The petitioner’s counsel argued that the company was facing difficulties in transferring funds to Dubai accounts for news print purchases due to restrictions imposed by the United States amid the Russia-Ukraine war, which led SBI to deny such transactions. They requested the court to direct SBI’s Banjara Hills branch to allow fund transfers or permit opening accounts in other banks. However, the CBI’s counsel opposed the plea, stating that multiple reliefs were sought in a single petition and necessary parties like banks were not included as respondents.

The court noted that earlier orders had already allowed limited operations of accounts for business continuity, including maintaining specific accounts for collections and payments. It ruled that no new accounts could be opened until the trial in the CBI court concludes. Observing inconsistencies between the main and interim petitions, the judge advised the petitioner to approach the CBI court for any modifications and dismissed the interim petition.