Formula E race case: Telangana HC refuses to quash FIR against KT Rama Rao

HYDERABAD: Justice K Lakshman of the Telangana high court on Tuesday dismissed the petition filed by BRS working president and former municipal minister K Taraka Rama Rao (KTR) who described the Formula Race FIR against him as politically motivated and sought its quashing.
The judge refused to grant any such relief to him.
KTR is facing allegations of unlawfully transferring Rs 54 crore from the state exchequer to a UK based Formula Race company ignoring the norms related to foreign exchange remittances, secretariat business rules etc.
Ace Gen Next, floated by Greenco company which entered as a party in the tripartite agreement with the state and formula race company, had quit the agreement midway.
KTR had made the state run HMDA take the place of the private sponsor and made it cough up Rs 54 crore just to bail out Greenco, the ACB cops said. The judge said this is not the right time to grant any relief to KTR who has to appear before ACB and ED sleuths.
The dismissal of the quash plea would also eclipse the HC interim protection from arrest granted to KTR earlier.