SC makes Andhra Pradesh respondent in Margadarsi Financiers case

Source:-newindianexpress.com

The Supreme Court on Friday issued directions to make Andhra Pradesh a respondent in ‘Margadarsi Financiers’ case.

The Supreme Court on Friday issued directions to make Andhra Pradesh a respondent in ‘Margadarsi Financiers’ case. The apex court was hearing a writ petition filed by former MP Undavalli Arun Kumar challenging the discharge of Margadari Financiers chairman Ramoji Rao from the case. 

Speaking to mediapersons, Undavalli and senior advocate SS Prasad Kumar said Maragarsi Financiers chairman was trying to get stay in the case. “Only Telangana was made respondent in the case. We requested to make Andhra Pradesh a respondent in the case and the court agreed to the same. In the undivided State,  Margadarsi Financiers have secured deposits to the tune of Rs 2,300 crore. In the related case, Ramoji Rao, claiming that the then Chief Minister YS Rajasekhara Reddy was holding a grudge against him, approached the court.  Objecting to the use of the name and directing the petitioner to use the word Chief Minister instead, the court issued a stay,” Undavalli explained. 

He said the High Court decision was challenged by him in the Supreme Court and said that directions of the apex court were even better than what he had expected. “Along with Andhra Pradesh government, the then investigating officer Krishnam Raju were also made a party to the petition. Ramoji Rao had secured deposits in violation of RBI rules. There are errors even in the claims that deposits were returned. Further, no investigation is being allowed to verify if the claims were real. A trial should be conducted in court as per rules,” he said.