SC Refers Margadarsi Case to Telangana HC

Vijayawada: In a major setback to the Margadarsi Chit Funds Private Limited, the Supreme Court has asked the Telangana High Court to conduct a detailed scrutiny of the deposits in two to three months and complete the hearing in six months.

A Supreme Court division bench comprising Justice Suryakant Sharma and Justice K.V. Viswanathan heard the petition in New Delhi on Tuesday on alleged irregularities in the Margadarsi chit funds. The court observed that there was a need for a detailed scrutiny of the deposits and said that the matter would be referred to the Telangana High Court.

The court observed that a public notice should be issued to find out whether the money collected in the form of deposits was returned to the depositors. The apex court asked for appointment of a former High Court judge to find out details in the case. The Supreme Court said that it was not going into the merits of the case.