Margadarsi case: SC issues notice to Ramoji Rao, Financiers

By Newsmeter Network  Published on  10 Aug 2020 5:33 PM GMT
Margadarsi case: SC issues notice to Ramoji Rao, Financiers

Hyderabad: The Supreme Court, on 10 August, issued notices to Ramoji Rao and Margadarsi Financiers. The apex court was hearing a petition filed by former MP Undavalli Arun Kumar challenging the verdict of the erstwhile unified Andhra Pradesh High Court in the case.

While issuing notices to the respondents, a three-judge Bench of the Supreme Court headed by Justice Ashok Bhushan allowed the Reserve Bank of India and former IG Krishnaraju to be impleaded in the case.

Incidentally, it was Krishnaraju who had earlier complained that Ramoji Rao had collected deposits to the tune of Rs. 2,600 crores in violation of the RBI rules. But a day before the bifurcation of the erstwhile unified Andhra Pradesh High Court, Justice Rajini dismissed the case against Rao on the grounds that the HUF (Hindu Joint Family) does not amount to a group of persons and that the RBI rules did not apply to it.

Challenging the High Court verdict dismissing the criminal complaint against Margadarsi, former MP Undavalli Arunkumar has approached the apex court. Undavalli's counsel and senior advocate S.S Prasad is presenting the arguments before the Supreme Court Bench on behalf of the petitioner. The SC has already issued notices to the Andhra Pradesh and Telangana state governments in this case.

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