NEW DELHI, DECEMBER 13: Within a week of Cogentrix's decision to withdraw from the fast-track 1000 MW Mangalore power project, the Supreme Court on Monday quashed a Karnataka High Court judgement ordering a Central Bureau of Investigation (CBI) probe into alleged kickbacks paid for award of the project paving the way for the Centre to appeal to the US major to reconsider it's decision.Shortly after the Supreme Court verdict, Power Minister P R Kumaramangalam not only asked Cogentrix and Hong Kong based China Light & Power Company to reconsider their decision to pull out from the project but also promised to expedite counter-guarantee required for the project.Cogentrix had on December 8 announced its withdrawal from the Rs 3,948 crore fast track power project, in which it had 60 per cent equity, citing delays in government clearances and legal wrangles. The remaining 40 per cent equity is held by the Hong Kong company.A division bench comprising Justice S Saghir Ahmad and S Rajendra Babu allowed the appeals filed by Karnataka government, Karnataka Electricity Board and China Light & Power Company while setting aside the High Court order.The Supreme Court judgement, which was reserved in January this year, dismissed the application filed by Arun Kumar Aggarwal on whose PIL the High Court had ordered CBI probe.Cogentrix's representative and managing director of Mangalore Power Company Romomers said, "Today's verdict vindicates what we have said from the very beginning, that the allegations against us are frivolous and baseless".
