Proceedings against Margadarsi Chits CA: HC orders status quo

Hyderabad: The Telangana High Court on Wednesday directed the CID police wing of Andhra Pradesh to maintain status quo on further proceedings against Margadarsi Chit funds pvt Ltd based on the documents seized from the Chartered Accountant firm Brahmayya & Co and its partners.

The CA has been rendering services to Margadarsi chit funds for several years. The CID police of AP recently conducted raids at Brahmayya & Co here and seized the documents related to the chit fund company. Challenging the raids, they approached the High Court.