The YSRCP government ordered a CID inquiry on the land dealings related to Amaravati alleging that TDP leaders involved in insider trading. The TDP National Secretary Nara Lokesh, Kilari Rajesh and others approached the High Court. They said that there was a capital between Guntur and Vijayawada even before Chandrababu Naidu could take oath as Chief Minister in 2014. The local and national media had published front-page news saying that the upcoming capital would be in between Guntur and Vijayawada. The court agreed to this argument and said that it was not appropriate to use the term insider trading. Already the High Court has ordered to stop the CID inquiry on the land dealings in the capital. The AP government approached the Supreme Court.
The High Court struck down the argument of the AP government saying that the TDP leaders had purchased lands at Amaravati region as they knew the capital was coming there. The court said that no one had come to them stating that they had faced losses by selling their lands. The advocate of Kilari Rajesh said that the land purchased by his client was not under the capital region. He purchased lands at Kanter village near the capital region and none had approached court stating that they faced losses. The chief minister during his swearing-in ceremony said that the capital would come in between Guntur and Vijayawada, advocate Rajesh said. The court gave ruling that there was no insider trading in the land dealings in the capital lands.
The court said that the insider trading word would be applicable as per SEBI rules. The word is applicable only in the sale and purchase of shares. The insider trading has no relation to the sale of lands and the insider trading will not apply in the land issues, opined the court.
The court said that not only in the capital region but also in the 29 villages this word will not be applicable. There cannot be two different rules for land dealings inside and outside the capital region and there will be no difficulties to the people who purchased lands in the capital region.
