![]() ![]() In the judgment delivered today, the Court observed that the land buyers had no legal obligation to disclose the information relating to latent advantages in purchasing the land to the sellers at the time of buying the said land. The State had filed criminal cases alleging that the petitioners had purchased lands in Amaravati after being privy to the information from the then Chandrababu Naidu government that the area was being developed as state capital after the bifurcation of the erstwhile State of Andhra Pradesh in 2014. In a big blow to Andhra Pradesh Chief Minister Jagan Mohan Reddy, the Andhra Pradesh High Court has quashed few criminal cases filed in connection with the alleged 'insider trading' in land transactions at Amaravati.Ī single bench of Justice Cheekati Manavendranath Roy observed that private sale transactions cannot be criminalized and that the concept of the offence of "insider trading", which is essentially an offence in the field of stock market relating to selling and buying the securities and bonds, cannot be applied to the offences under Indian Penal Code and cannot be read into Section 420 IPC or into any provisions in the scheme of Indian Penal Code.
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