On 9 May, Cyberabad police had filed cases against Ravi Prakash for allegedly cheating the company’s promoters by forging documents besides under other different IT Acts, though he denied the charges made by the new promoters.
ABCPL too alleged that Ravi Prakash forged the signature of the Company Secretary to mislead the Registrar of Companies on certain issues when he was the CEO. It said: “Ravi Prakash and Murthy with selfish interest and mala fide intentions filed wrong cases against the new directors and colluded with third parties to file wrong cases against the company and created a situation so that the new directors would not be able to function properly.”
Sambasiva Rao, the newly appointed director of ABCPL, said: “In view of the mala fide intentions and fraudulent acts of Ravi Prakash on May 8, the Board removed him as CEO and EGM (Extraordinary General Meeting) held today ratified it. The Board has also removed MKVN Murthy, Whole Time Director and CFO with immediate effect.”