Acquittal ends uncertainty, says industry

The Karnataka High Court has found the disproportionate assets (DA) in J Jayalalithaa’s case to be just Rs 2.82 crore. The investigative agencies had estimated their worth to be about Rs 66.44 crore. The high court, which acquitted the former Tamil Nadu chief minister and others in the case, said the DA is within permissible limit.

According to Justice C R Kumaraswamy’s 919 page order, the prosecution had mixed up assets of the accused, firms and companies and also added the cost of construction at Rs 27,79,88,945, marriage expenses at Rs 6,45,04,222 and valued the assets at Rs 66,44,73,573.

“If we remove the exaggerated value of cost of construction and marriage expenses, the assets will work out at Rs 37,59,02,466,” the judgment said.

The total income of accused, firms and companies is Rs 34,76,65,654. Lack of proportion amount is Rs 2,82,36,812.

“DA of 8.12 per cent is relatively small. In this case, DA is less than 10 per cent of her income and  is within permissible limit. Therefore, the accused are entitled for acquittal,” the judge said in his order. The Directorate of Vigilance & Anti-Corruption (DV&AC) has calculated the cost of construction at Rs 27,79,88,945, which according to the records and finding was Rs 5,10,54,060 and the investigation agency found the marriage expenses to be Rs 6,45,04,222, which according to the findings of the court it is Rs 28,68,000.

The total assets according to the calculation was Rs 37,59,02,466 as against Rs 66,44,73,573, which was derived by DV&AC. Income of the accused and others was Rs 34,76,65,654.

A circular has been issued by the Andhra Pradesh government notes, the DA to the extent of 20 per cent can also be considered as a permissible limit. The margin of 10-20 per cent of DA has been taken as a permissible limit, taking into the consideration the inflatory measures. “Order of the trial court relating to confiscation of the properties, both movable and immovable, is hereby set aside,” said the judge.