In a recent ruling, the Telangana High Court granted pre‑arrest bail to a former director of G.S. Biotech Limited, who was accused of misappropriating ₹167 lakh in government compensation after the company entered liquidation under the Insolvency and Bankruptcy Code (IBC).
The case originated from a complaint filed by the Liquidator of G.S. Biotech Limited, alleging that Makhariya misrepresented himself as an authorised signatory and operated a bank account in the company’s name without authority. The funds, awarded by the Government of Maharashtra for the acquisition of company land, were allegedly misappropriated by the petitioner.
Appearing for the petitioner, Advocate E. Sudhanshu Rao argued…