Telangana High Court tells Andhra Pradesh Industrial Development Corporation to limit withdrawal

HYDERABAD: A division bench of the Telangana High Court faulted the Andhra Pradesh Industrial Development Corporation (APIDC) for withdrawing excess amount from the corpus fund of the undivided bank account with TSIDC. The bench comprising Chief Justice Satish Chandra Sharma and Justice A Rajashekar Reddy further directed APIDC not to withdraw an amount beyond its share, so far as the corpus of the undivided corporation was concerned. The division made it clear that as per the AP Reorganisation Act, 2014, the two States are entitled to divide the corpus in the ratio of 58:42. The court asked both the corporations to file their counters within sex weeks and adjourned the matter to January 3, 2022.