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Final arguments in SPIC case conclude

By Our Special Correspondent

CHENNAI, JAN. 12. Final arguments in the "Southern Petrochemical Industries Corporation (SPIC) disinvestment scam" case concluded in the court of special judge-I, R. Rajamanickam, on Monday.

The case has been adjourned to January 19. The date for pronouncing the judgment could not be fixed in view of a Supreme Court order.

Besides former Chief Minister, Jayalalithaa, cited as the main accused, the other accused are former Industries Secretary, C. Ramachandran, and industrialist, A.C. Muthiah.

The prosecution case is that Ms. Jayalalithaa and Mr. Ramachandran abused their official position in favour of M.A. Chidambaram (since deceased) and his son, Mr. Muthiah, to bring back Mr. Chidambaram as Chairman of SPIC and to renounce Tamil Nadu Industrial Development Corporation's (TIDCO) rights in the "Zero Conversion Bond" of the joint sector company. This caused a wrongful loss to government.

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