The Special Court for Economic Offences, at Nampally, on Wednesday, sentenced Secondary Education minister K Parthasarathy to two months of simple imprisonment, and imposed a fine of Rs. 5.15 lakh on him, for violating the Foreign Exchange Regulation Act (FERA).
The court found the minister guilty of violation of FERA rules as the managing director of a Hyderabad-based firm, KPR Tele Products Ltd.
While delivering the verdict, the special court gave the minister a month's time to file an appeal in the High Court against its judgment. If he fails to pay the fine, his sentence would be extended by another 3 months.
The court also granted bail to Parthasarathy, following a petition filed by his counsel in the event of unfavourable verdict. The court asked him to submit 2 sureties of Rs. 10,000 each for the bail.
It may be recalled that the Enforcement Directorate had registered a case against Parthasarathy in 1999, for alleged violation of FERA over the import of some equipment by the firm. The ED had imposed on him a penalty of Rs. 3 lakh in 2001, but the amount was not paid. With the minister not cooperating with the agency, the ED then filed a petition in the court, and issued a
non-bailable warrant against him. (INN)