Hyderabad: Telangana HC has asked the AP government not to withdraw money from the account with Andhra Pradesh Industrial Development Corporation Limited (Apidc) outside its rights.
Chairman of Judge Satish Chandra Sharma and Justice A Rajasheker Reddy said this while hearing the petition submitted by Telangana State Industrial Development Corporation (TSTC) charging AP by attracting more money than its rights.
Telangana A Special Adviser Sanjiv Kumar said the AP had taken advantage of the fact that a general account was still lying on behalf of Apidc and had attracted Rs 70 Crore so far.
“This Rs 6 Crore is more than its part,” he said.
AP Counsel told the court that the two countries could withdraw money in a 58:42 ratio from a general account.
The two supporters carry court notices.
The court delivered by the Supreme Court at the State App National Education Board of High School Versus Union Indian case where the APEX court directed the twin country to share Corpus funds that were not fully divided into a 58:42 ratio.
AP claims that it does not withdraw money outside its part.
Sanjiv charges AP by diverting deposits remain into the current account and withdrawing cash from there.
“We have lost more than Rs 6 Crore from the Corpus Commonation funds and delay in holding the AP will produce more losses for us,” he said.
Am, Advocate General Sriram, however, denied this allegation and said that their withdrawal was very in their share of the right to.
This kasing was posted until January 3, 2022.