Supreme Court grants bail to former Siemens CEO Bhaskar Prasad in skill development case
The Hindu
SC grants bail to Siemens former CEO G.V.S. Bhaskar Prasad in Skill Development case. CID had arrested him for alleged cost escalation. ACB court rejected remand as Anti-Corruption Act provisions not applicable. AP HC rejected bail petition. SC granted bail, noting all accused cooperating with investigating agencies.
The Supreme Court has granted bail to the Siemens former chief executive officer (CEO) and a project head in the Andhra Pradesh State Skill Development Corporation (APSSDC), G.V.S. Bhaskar Prasad.
The Apex court, in its order dated Monday, November 6, 2023 stated, “Considering the facts peculiar to the appellant, the interim order dated 22nd August, 2023, is made absolute subject to the same terms and conditions. The Appeal is, accordingly, allowed.”
The Andhra Pradesh Crime Investigation Department (CID) had earlier arrested Mr Bhaskar Prasad in connection with the Skill Development case. The CID in it’s report stated that he had escalated the estimated cost of the Skill Development project as one of the directors of Siemens.
The ACB court rejected his remand as the Anti-Corruption Act provisions do not apply for an employee of a private organisation. Subsequently, the CID challenged the ACB court order before the Andhra Pradesh High Court which agreed with the arguments of the CID and pronounced the order in its favour and also rejected the bail petition of Mr. Bhaskar Prasad.
Following this, Mr. Bhaskar Prasad moved the Supreme Court which granted him bail on the grounds that all the accused in this case have already got bail and are cooperating with the investigating agencies.
Stock markets soar as RBI cuts interest rates, with Sensex rising 447 points amidst positive investor sentiment and revised growth forecasts.
AAP's Raghav Chadha calls for banning 10-minute delivery services, highlighting the harsh conditions faced by gig workers.
IndiGo flight cancellations: Follow LIVE updates from The Hindu as IndiGo's operations face issues with over 400 flights cancelled today.
DGCA grants IndiGo exemption from night-duty limits for pilots amid widespread flight cancellations and operational disruptions.
RBI to launch a two-month campaign in January 2026 to address pending grievances with the Ombudsman for improved customer service.
RBI plans ₹1 lakh crore OMO in December to boost liquidity amid upcoming tax payments, ensuring stability in the banking system.
IndiGo faces ongoing flight delays and cancellations due to technology issues, weather, and new crew rostering rules.
Stock markets experience volatility as investors await RBI's monetary policy amid foreign fund outflows and mixed global trends.
ED attaches assets worth ₹1,120 crore in Anil Ambani's Reliance Group case, totaling ₹10,000 crore amid money laundering probe.
Rupee rises 20 paise to 89.69 against the dollar as investors await RBI's monetary policy decision amidst market pressures.
Just nine Fugitive Economic Offenders (FEOs) owed Indian banks over ₹58,000 crore in principal and interest. To date, banks have recovered just over ₹19,000 crore — roughly 33% of the total dues.
Commerce Minister Piyush Goyal urges Indian businesses to seize opportunities in Russia's market, addressing talent shortages and trade demands.
Premiumisation is driving the growth in beauty and personal care industry in India and this segment is growing faster than the products made for the masses, industry executives said at Cosmoprof India 2025, a beauty & personal care industry event currently underway in Mumbai.