HC dismisses contempt plea

Justice K. Lakshman of the Telangana High Court on Friday dismissed a contempt of court petition filed by Ras Al Khaimah Investment Authority (RAKIA) against industrialist Nimmagadda Prasad.

RAKIA secured a civil decree in a court at Ras Al Khaimah, one of the emirates of UAE, in a financial dispute relating to VANPIC project (of Andhra Pradesh) awarded to RAKIA on government to government basis. RAKIA later filed an execution petition in a commercial court here.

While the execution petition was pending, RAKIA filed a contempt petition against Mr. Prasad alleging that the latter was acquiring other companies through his company. In July last year, the HC ordered them to maintain status quo in the matter.