The ACB court has reserved its orders to February 19 on a petition seeking registration of a case against six persons, including four government officials, for causing more than Rs.500 crore loss to the exchequer by reducing its stake in a joint venture with Raheja Corporation Limited.

An advocate T. Sriranga Rao filed the petition on January 31 against four top officials and two from Raheja company for the alleged irregularities in Mindspace Hyderabad Project (MHP). He mentioned the names of four government officials, including two IAS officers and an IPS officer, and two persons from Raheja Company in the petition stating that they hatched a conspiracy to favour the company causing crores of rupees loss to the exchequer.

Mr. Rao explained that the government has allotted 110 acres land to Raheja company at Madhapur for developing MHP under a joint venture between the company and Andhra Pradesh Industrial Infrastructure Corporation (APIIC). A MoU was also signed in 2003.

As per the MoU, a joint venture company was to be formed between the two parties in which the government shall hold an equity share of 11 per cent while the remaining share will be held by Raheja company.

But the government's share has come down to 0.006 per cent as against 11 per cent due to unilateral decisions taken by the government officials, he alleged.