Margadarsi Flouted Rules to Collect Deposits, Undavalli in HC

Hyderabad:On the issue of criminal prosecution against Margadarsi Financiers , and its members including Ramoji Rao and others for allegedly collecting deposits from investors, former MP Undavalli Arun Kumar on Wednesday argued before the Telangana High Court that the company furnished false and incomplete details of its depositors before the Court.

He argued that if the details had been given, many irregularities would be unearthed.

The division bench of the High Court, headed by Justice Sujoy Paul, was hearing criminal petitions filed by Margadarsi Financiers and its members, who requested the court to set aside the orders issued by the erstwhile AP government to go ahead with criminal prosecution against them on allegations of illegally collecting the deposits.

Arunkumar argued that Margadarsi Financiers had submitted 69,531 pages of details to the Supreme Court regarding payments to subscribers. The firm and its members had not handed over the details to him, despite the orders of the court. He said that the company had filed false and incomplete details and he would reveal the violations made by Margadarsi, if the details of the depositors were provided to him.

The former MP virtually appeared before the HC and requested directions to the High Court registry to publish his name in the cause list of the said case.

Considering the request, the court adjourned the hearing to October 21.