The Hyderabad High Court on Friday ordered quashing of India Cements Managing Director N Srinivasan's name from a charge sheet filed by CBI in a case pertaining to alleged quid-pro-quo investments made in the companies of YSR Congress chief Jaganmohan Reddy.

Srinivasan, former BCCI chief, had filed a petition seeking quashing of the case against him.

Justice B Siva Sankara Rao, in his order today, observed that the allegations against Srinivasan were unfounded.

The charge sheet, filed in 2013, names Srinivasan as an accused. It alleges that India Cements made investments to the tune of Rs 140 crore in the companies of Jagan and in return got land leases and allocation of water from rivers Krishna and Kagna from Andhra Pradesh goverment, then headed by Jagan's father Y S Rajasekhara Reddy.

Several private firms made such `quid-pro-quo' investments in Jagan's companies and got favours from the state Government during 2004 to 2009, CBI says. The agency has filed 11 charge sheets in all.