Courtroom Showdown: A Billionaire's Battle Over Vanpic Project Assets

The Supreme Court has mandated industrialist Nimmagadda Prasad to deposit significant security as part of a legal dispute over a failed venture in Andhra Pradesh. The case involves a UAE judgment favoring Ras Al Khaimah Investment Authority. Prasad's strategic asset maneuvers come under scrutiny amid potential enforcement actions.

The Supreme Court of India has ordered Hyderabad industrialist Nimmagadda Prasad to deposit Rs 125 crore in cash security and provide the original title deeds for a 37-acre land parcel in Telangana. This requirement stems from ongoing litigation related to a failed 2008 joint venture to develop infrastructure in Andhra Pradesh.

The case, initiated by the Ras Al Khaimah Investment Authority (RAKIA), involves enforcing a UAE civil judgment against Prasad and his company, Matrix Pharmacorp Private Limited. The court has given Prasad time to present an alternative security proposal after initially mandating a Rs 600 crore security deposit.

Despite legal victories in the UAE, RAKIA claims it has yet to recover funds from Prasad, alleging asset shielding through a network of companies. The Supreme Court is evaluating the legitimacy of the UAE judgment under Indian law as the case unfolds with further developments expected.