The Nampally court on Tuesday put on hold temporarily the conviction order against minister for secondary education K Parthasarathy in connection with the Foreign Exchange Regulation Act (FERA). The minister filed an appeal against the conviction in a higher court on Monday.
Convicting Parthasarathy in the case a few days ago, the Economic Offences court kept its order in suspension for one month for the minister to appeal in a higher court. On Monday, Parthasarathy's counsel filed a petition in the first metropolitan sessions court stating that it was not his fault and it was the bank that had defaulted on the payment of KPR Plastic Limited to the foreign firm.
Parthasarathy's firm ordered equipment from a foreign manufacturer through the Andhra Bank. After 15 percent of the money was paid, the bank withdrew from the transaction. As funds went outside the country, the Enforcement Directorate (ED) registered a case for violation of FERA and imposed a penalty on the firm. As Parthasarathy did not pay the penal amount, the ED filed a case in the special court for economic offences which convicted the minister.
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