Source:-newindianexpress.com<\/p>\n\n\n\n
The Supreme Court on Friday issued directions to make Andhra Pradesh a respondent in \u2018Margadarsi Financiers\u2019 case.<\/p>\n\n\n\n
The Supreme Court on Friday issued \ndirections to make Andhra Pradesh a respondent in \u2018Margadarsi \nFinanciers\u2019 case. The apex court was hearing a writ petition filed by \nformer MP Undavalli Arun Kumar challenging the discharge of Margadari \nFinanciers chairman Ramoji Rao from the case. <\/p>\n\n\n\n
Speaking to mediapersons, Undavalli and \nsenior advocate SS Prasad Kumar said Maragarsi Financiers chairman was \ntrying to get stay in the case. “Only Telangana was made respondent in \nthe case. We requested to make Andhra Pradesh a respondent in the case \nand the court agreed to the same. In the undivided State, Margadarsi \nFinanciers have secured deposits to the tune of Rs 2,300 crore. In the \nrelated case, Ramoji Rao, claiming that the then Chief Minister YS \nRajasekhara Reddy was holding a grudge against him, approached the \ncourt. Objecting to the use of the name and directing the petitioner to\n use the word Chief Minister instead, the court issued a stay,” \nUndavalli explained. <\/p>\n\n\n\n
He said the High Court decision was challenged by him in the Supreme \nCourt and said that directions of the apex court were even better than \nwhat he had expected. “Along with Andhra Pradesh government, the then \ninvestigating officer Krishnam Raju were also made a party to the \npetition. Ramoji Rao had secured deposits in violation of RBI rules. \nThere are errors even in the claims that deposits were returned. \nFurther, no investigation is being allowed to verify if the claims were \nreal. A trial should be conducted in court as per rules,” he said. <\/p>\n