Margadarsi case: Supreme Court issues notices to Ramoji Rao, RBI, TS government

KAKINADA: The Supreme Court has issued notices to Eenadu Group chairman Ch Ramoji Rao, the RBI and the Telangana government in the Margadarsi chit funds case.

Former Rajamahendravaram MP Vundavilli Arun Kumar had taken on the company on the issue of whether or not it accepted deposits as an Hindu Undivided Family.

The AP government impleaded in the case and filed a special leave petition in the Supreme Court. Based on this, the SC issued notices to the parties. It is learnt that Ramoji Rao has also filed an SLP.

Arun Kumar said the Supreme Court wanted to know whether or not the deposits had been refunded to the depositors. Counsel of AP government, senior advocate Vikas Singh, said this would have to be ascertained by the firm and the governments. Therefore, the court issued notices.

He said that regardless of whether deposits had been refunded or not, the moot question was whether a HUF was entitled to accept deposits. Arun said it was his contention that according to law a HUF cannot do so.

Arun Kumar said he had met Chief Minister K. Chandrashekar Rao recently and urged him to implead in the petition on behalf of the Telangana government. He said Chandrashekar Rao ahd promised him to do so. He made it clear that he had no vengeance against Ramoji Rao and he was fighting for the implementation of law to strengthen the system.