
Andhra Pradesh high court dismisses anticipatory bail plea of Midhun Reddy in liquor scam case
Tired of too many ads? go ad free now
The HC further noted that the evidence produced by the prosecution prima facie reveals the role of Midhun Reddy in the alleged offence, and custodial interrogation is deemed essential to confront him with the gathered evidence and to unravel a broader conspiracy. The court also said that the power of granting anticipatory bail under section 438 of CrPC needs to be exercised sparingly in extraordinary circumstances.
Considering the gravity of the offence, particularly taking note of the accusation that Rs 3,500 crore was said to be collected towards kickbacks for the liquor syndicate, no such extraordinary circumstances were seen in the present case for granting the relief of anticipatory bail, said the high court while dismissing the petition.
Midhun Reddy, named A-4 in the alleged liquor scam, has been accused of conspiring to change the order placing system.
The prosecution alleged that he influenced officials in bringing changes to the excise policy and was the mastermind behind placing orders to favoured companies. He is also accused of receiving kickbacks from the companies which were favoured by way of getting additional orders for liquor.
The prosecution presented witness statements indicating the role of the MP and the money trail between some of the companies involved in the scam and the company owned by Midhun Reddy's family members.
The MP said that he was implicated in the case because of political vendetta. He argued that he was not part of the state govt and had no role in policy decisions.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles

The Wire
6 minutes ago
- The Wire
Domestic Automobile, Overall Passenger Vehicle Sales Decline Compared to Last Year
New Delhi: Data from the Society of Indian Automobile Manufacturers (SIAM) have revealed that India's domestic automobile sales have reduced by 3.6% to 18,97,445 units in June 2025, as compared to the figures against the same month last year. Moreover, the overall passenger vehicle sales declined 6.3% to 2.76 lakh units in the reporting month. While production of all automobiles also grew at a sluggish 1.2% in the reporting month, to 23,64,868 units, reported The Hindu. As compared to June 2024, manufacturers sold only 85,091 which amounts to 15.3% lower than the figure last year. Similarly, two wheeler sales too declined by 3.4% to 15.6 lakh units in the month. The SIAM data also revealed that automobile sales slumped 5.1% to 60,74,874 in the quarter ended June 2025 as against the same month last year. 'The performance of the auto industry was relatively flat, though the retail registration for passenger vehicles, two-wheelers and three-wheelers were marginally higher than the previous Q1. Overall sentiments across categories have remained subdued so far, even as the industry continues to navigate supply-side challenges. With the upcoming festival season coupled with the benefits of RBI repo rate cuts, we expect consumer sentiments to improve, ' Shailesh Chandra President, SIAM told the newspaper. In May this year, Maruti Suzuki Chairman R.C. Bhargava had said that most Indians simply cannot afford to buy even the most basic car anymore. This is not a matter of shifting aspirations or changing tastes, he insisted; it is a crisis of affordability, driven by stagnant incomes and relentless cost escalation. Entry-level models, once the pride of India's mass market, have seen sales tumble. Maruti Suzuki's own small car segment, the traditional backbone of its business, recorded a 9% sales decline in 2024. Since 2020, regulatory changes have pushed up the cost of a small car by nearly Rs 90,000, putting even the humble Alto or WagonR out of reach for families with budgets of Rs 5-7 lakhs.


Mint
6 minutes ago
- Mint
Ola Electric's losses widened but the stock rallied. What's going on?
Known for its aggressive expansion, Ola Electric's pivot towards profitability has brought relief to investors. To be sure, revenues halved in the last reported quarter, and losses widened. But management'sintent to shift focus towards profitability, close on the heels of the auto business' first Ebitda-positive month, has kindled hopes of a long-awaited turnaround in the business. After eroding more than half of investors' wealth since listing, the stock rallied almost 20% on Monday. Is this the light at the end of the tunnel for Ola investors, or is it a sucker's rally? Earnings continue to disappoint Founded in 2017, Ola Electric was among the first movers in the electric two-wheeler space. Over the years, it has burnt cash with competitive pricing and aggressive marketing in an attempt to cement its lead. But customer complaints around product quality and after-sales service indicate that in the race for growth, quality may have taken a backseat. The latest quarter's numbers released this week were largely more of the same — falling revenues and widening losses. Compared to the same quarter last year, revenues halved to ₹828 crore and loss widened from ₹347 crore to ₹428 crore. Green shoots spur hope However, revenue increased and losses narrowed compared to the previous quarter. Q1 losses were also smaller than expected, thanks to higher operating leverage on the back of volumes propped up by the previous quarter's backlog. Gen-3 scooters made up 80% of sales during the quarter, and their higher prices supported gross margin. Ola also claims superior product quality was the reason behind the reversal of warranty provisions seen during the quarter. Declining battery prices also helped contain losses. The result? Despite falling short of the previously cited breakeven threshold of 25,000 unit sales a month, the company's auto business turned profitable at the Ebitda level in June. It was also near breakeven on operating cash flows during the quarter. Management indicated that apart from R&D, no large capex was planned for FY26. These green shoots have spurred hopes that aggressive expansion is a thing of the past and that Ola Electric's auto business may have now stepped into its next phase – profitable growth. Profitability over PLI As for Ola's cell manufacturing business, it had signed an MoU to invest Rs.4,500 crore by 2024 towards setting up 20 GWh of capacity to qualify for incentives under the government's production-linked incentive (PLI) scheme. But the company plans to invest only ₹1,000 crore to expand capacity to 5GWh, and focus on profitability thereafter. While industry players including Ola are in discussions with the government, seeking leeway on the PLI targets, Ola has indicated that it will expand cell manufacturing only to the extent that it supports its vehicle sales. It expects the cell business to break even at 3.5-4 GWh by FY27, and does no expect to need more than 5 GWh until FY29. Management has indicated it is unwilling to extend the breakeven timelines just to meet PLI targets, even if this means coughing up penalties of up to ₹100 crore. Competition may continue to play spoilsport While Ola was among the first companies to tap India's electric scooter market, its reputation has suffered some serious damage over the years. Its technological moat has also been eroded by competitors. So, when legacy two-wheeler manufacturers including TVS and Bajaj entered the EV space, Ola's market share slipped sharply from 50% to less than 20% in a year. The only other listed pure-play EV manufacturer, Ather Energy, gained ground during the period. A smaller share of a fast-growing pie would not have been as much of a bother. But the pie has also been growing more slowly. Government initiatives to boost electric two-wheeler sales are gradually being phased out. FAME-II concluded in March 2024, and electric mobility promotion scheme (EMPS) is set on glide path down to just Rs.5,000 worth of subsidies per scooter by 2026. Thus the onus is now increasingly falling on organic adoption of electric two-wheelers. Though electric scooters still constitute only about 7% of all EVs sold in India, sales growth has moderated. This explains the manufacturers' pivots from aggressive market penetration to profitable growth. Ola had to slash 1,000 jobs in FY25 to rein in losses. Ola's deeper issues persist Ola's troubles run deeper than industry headwinds. While the electric two-wheeler segment registered a robust 31.7% growth in June, Ola's sales fell 45%. The company's brand image has been hurt by widespread service issues and customer complaints, which caused the Central Consumer Protection Authority) to step in at one point. Ola responded by resolving a bulk of the pending complaints and investing in doubling its footprint to 4,436 stores. The bulk of these as company owned and company operated, piling on further losses and draining cash. But service issues have apparently persisted. Recently, Ola's flagship electric motorcycle, Roadster X Plus, was in the news as several customers complained about charging issues. The company has also had issues with registration agencies, after which it moved registration in-house. This led to backlogs in registration and invoicing, discrepancies between reported sales and registrations, and delays in deliveries. While the company now claims to have cleared the backlog, it was almost dragged to insolvency over the conflict. This month Ola faced a shutdown of most of its stores in Maharashtra, India's largest electric scooter market. The company is working with the authorities to resolving the issue, which pertains to its store permits and trade certificates. Ola had also seen a string of management exits, further eroding the brand's reputation. Overoptimistic projections? Management has guided for 3.25-3.75 lakh vehicle deliveries and ₹4,200-4,700 crore of revenue during the year. With Q1 revenue at just about ₹800 crore, the guidance optimistically projects average quarterly revenue at ₹1,100-1,300 crore for the rest of the fiscal year. The sharp pickup in revenues assumes strong traction of the company's new launches – one every quarter over the next two years. Management expects gross margin to expand from 26% in Q1 to 35-40%, and has guided for at least 5% Ebitda margin for the full fiscal year. It also expects operating cash flows to turn positive by the end of FY26. A lot seems to be riding on its Gen-3 scooters – higher gross-margins, reduced warranty claims, and PLI benefits kicking in from Q2. Meanwhile, its ongoing efforts at vertical integration towards manufacturing cells and rare-earth-free motors are expected to help control costs, enhance performance, and improve supply-chain resilience. The company is also counting on Project Lakshya to cut costs. While cost savings in Q1FY26 have been attributed to the project, lower battery prices are likely to have also played a role. The proof will be in the pudding. If revenue growth accelerates, margins expand in line with management's guidance, and customer complaints taper off, investors will feel reassured that Ola Electric is walking the talk. For more such analysis, read Profit Pulse. Ananya Roy is founder of Credibull Capital, a SEBI-registered investment adviser. X: @ananyaroycfa Disclosure: The author does not hold shares of the companies discussed. The views expressed are for informational purposes only and should not be considered investment advice. Readers are encouraged to conduct their own research and consult a financial professional before making any investment decisions.


Economic Times
6 minutes ago
- Economic Times
Vishal Mega Mart, Tech Mahindra among stocks that HDFC Mutual Fund bought and sold in June
HDFC MF rebalances June portfolio by increasing stake in 412 stocks and exiting 12, while adding new bets like Capital Infra Trust and Ellenbarrie Gases. HDFC Mutual Fund, the third largest fund house based on assets managed, increased its exposure in 412 stocks which includes Vishal Mega Mart, State Bank of India, and 410 stocks whereas it reduced its exposure in 170 stocks which includes Tech Mahindra, Infosys and other stocks. The other stocks where exposure was increased in June includes Hindalco Industries, ICICI Bank, Bank of Baroda, Ambuja Cements, Kaynes Technology India, Maruti Suzuki India, Dabur India, Hindustan Zinc, Mazagon Dock Shipbuilders, and Asian Paints. Also Read | HDFC Defence Fund picks up smallcap stock that surged 300% in 3 years Apart from Tech Mahindra and Infosys, the other stocks where the fund house reduced its exposure includes Coal India, ITC, Bajaj Finance, HCL Technologies, Axis Bank, RIL, IndusInd Bank, TCS, Eicher Motors, Swiggy, Wockhardt, HPCL, and Tata Motors. The fund house added three new stocks in its portfolio which were Capital Infra Trust, Ellenbarrie Industrial Gases, and Ventive Hospitality. Around 75 lakh shares of Capital Infra Trust and 7.25 lakh shares of Ellenbarrie Industrial Gases were added to the portfolio in June. Also, the fund house added 359 shares of Ventive Hospitality. The fund house made complete exit from 12 stocks which includes Swaraj Engines, Ujjiva Small Finance Bank, Tamilnad Mercantile Bank, Rajesh Exports, Mahindra Lifespace Developers, Sunteck Realty, FDC, Easy Trip Planners, Laxmi Organic Industries, and Prism were around 12 unique stocks in the portfolio of HDFC Mutual Fund which included Bajaj Healthcare, BEML Land Assets, OCCL, Ramco Systems, TV Today Network, Oriental Carbon & Chemicals, Popular Vehicles & Services, and Sadbhav Infrastructure industry wise shareholding pattern of the fund was 33.27% in financial services, 16.67% in consumer discretionary, 9.14% in industrials, 8.84% in healthcare, 7.51% in information technology, 5.98% in commodities, and 5.48% in energy. Also Read | Midcaps and Gold outperform: 10-year scorecard of key asset classes It also had 3.74% in FMCG, 3.66% in telecommunication, 3.41% in services, and lastly 2.29% in Mutual Fund had an AUM of Rs 8.71 lakh crore as on June 30, 2025 against an AUM of Rs 8.44 lakh crore in May witnessing a surge by Rs 27,295 crore.