SC Rejects Plea To Close Case Against Margadarsi Financiers
The court noted that the case involves allegations related to public money and regulatory compliance, and is not confined to an individual.
VIJAYAWADA: The Supreme Court has rejected a plea seeking closure of proceedings against Margadarsi Financiers in connection with alleged irregularities in deposit collection and regulatory violations.
Hearing the matter in New Delhi on Tuesday, the court observed that the death of an individual, Ramoji Rao, does not terminate criminal proceedings against a financial entity.
The court noted that the case involves allegations related to public money and regulatory compliance, and is not confined to an individual. It held that proceedings would continue against Margadarsi Financiers, stating that institutional responsibility remains.
The apex court issued notices to the governments of Andhra Pradesh and Telangana, the Reserve Bank of India and Margadarsi Financiers, seeking their responses.
