As per case facts, the Government of Tamil Nadu's TANSI Corporation decided to sell loss-making industrial unit properties through public tenders. Jaya Publications, a firm where J. Jayalalitha (then Chief ... Minister) and Sasikala were partners, purchased these properties. Subsequently, a private complaint led to criminal cases against Jayalalitha and others for corruption and misconduct related to this sale. The trial court convicted them, but the High Court acquitted all accused. The question arose whether the properties were sold below market value due to a conspiracy, violating the Prevention of Corruption Act and IPC sections, and if the Chief Minister's purchase was prohibited by the Code of Conduct for Ministers. Finally, the Supreme Court upheld the High Court's acquittal, finding no conclusive evidence of underselling, vitiated tender process, or that the Code of Conduct carried statutory prohibition for criminal charges. While dismissing the appeals, the Court emphasized the critical importance of high ethical conduct and avoiding conflict of interest for public servants, noting that the spirit of the Code of Conduct was breached.