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SC notices to Margadarsi, Ramoji Rao, Telangana, Andhra governments.

 SC notices to Margadarsi, Ramoji Rao, Telangana, Andhra governments.

HYDERABAD: The Supreme Court (SC) on Monday issued a notice to the Margadarsi Financiers to respond to a petition that alleges that the company had collected about Rs 2,600 crore deposits in violation of RBI guidelines. The Court also asked the company’s proprietor Ch Ramoji Rao,  Telangana and Andhra Pradesh governments, the former AP Inspector General of Police (IGP) and complainant T Krishna Raju to respond to the petition. The bench impleaded the RBI in the case.

The petition is filed by former MP Vundavalli Arun Kumar challenging the order of the erstwhile Hyderabad (Common) High Court quashing a criminal complaint filed against the company and Ramoji Rao.

On December 31, 2018 (a day before bifurcation of the HC), the then High Court had quashed all further proceedings against the petitioners/accused — Margadarsi Financiers and Ramoji Rao — in the case pending before the Court of I Additional chief metropolitan magistrate, Hyderabad which is based on a complaint by Krishna Raju.

The court then observed that as no depositors had complained against the petitioners and that the petitioners are paying back the deposits, it can be understood that there was no malafide intention on the part of the petitioners to commit any offences with regard to the deposits collected from the depositors, the court opined.  Aggrieved with this order, Vundavalli filed the present case in the SC.

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