The court dismissed Subrahmanyam's petition after CBI contended that a court having taken cognisance of his role in the scam under the provisions of IPC, cannot review its own decision.
In his plea, Subrahmanyam had earlier submitted that the Andhra Pradesh government had rejected permission for his prosecution (under the Prevention of Corruption Act) and sought for stalling the CBI's move to prosecute him under the provisions of IPC in the Emaar Properties scandal.
While taking cognisance of Subrahmanyam's role in the scam under the provisions of IPC, the CBI court had earlier summoned him to appear before it on June 18 along with suspended IAS officer B P Acharya, the prime accused in the case.
The CBI had on February 1 filed a charge sheet against 12 people, including Acharya in the Emaar scam case who is presently under judicial remand in Chanchalguda jail here.
Subrahmanyam was vice-chairman and managing director of the Andhra Pradesh Industrial Infrastructure Corporation (APIIC) in 2005-10 when the alleged irregularities were committed.
The developers of Emaar integrated township project at Gachibowli here are accused of undervaluing the lands which were sold at higher prices to individual buyers causing huge loss to the state exchequer.