MD, owner of drug company convicted

Hyderabad, Apr 11 (UNI) A local court today convicted the Managing Director and Proprietor of Nageshwara Chemicals and Drugs Private Limited in a bank cheating case.

The 14th Chief Metropolitan Magistrate sentenced them to undergo three-year rigorous imprisonment and slapped a fine of Rs 8,000 each.

According to an official release here, company MD N V S Naidu and proprietor Kaparthy Kumar, were convicted for cheating the Canara Bank by submitting fictitious invoices causing a loss of Rs 27.10 lakh to the bank.

UNI