Hyderabad: The Telangana High Court on Thursday questioned the Telangana and Andhra Pradesh state governments for the delay in filing their contentions in regard to criminal proceedings against Margadarsi Financiers, facing charges of collecting deposits in violation of RBI rules and guidelines.
The division bench, comprising Justice Sujoy Paul and Justice Namavarapu Rajeshwar Rao, asked the two state governments to explain their silence of more than five months and non-submission of their stand. It has now set a December 20 deadline to the two for submitting their stand.
It was dealing with criminal petitions filed on this issue in 2011. It was recently remanded back to the High Court by the Supreme Court.
Former MP Undavalli Arun Kumar, on whose complaint the then united Andhra Pradesh government had initiated proceedings against Margadarsi Financiers and its chairman Ch. Ramoji Rao, on Thursday argued as a party in person before the High Court.
His contention was that more than `5.3 crore had not been claimed by any depositors and the said amount was kept in the escrow accounts of Margadarsi. He also brought to the notice of the court that the firm was not giving data of the depositors in a pen drive. If he was given the details, he would find out the genuineness of the depositors, Arun Kumar said.
He alleged that the ruling parties in the two states are having proximity with the managing body of the Margadarsi, hence the delay.
Reacting to it, the bench told the former MP not to add political colour as the court was not a forum for settling political issues.
Making clear that all the issues should be inquired thoroughly, the court said that it is adjourning the matter to January 3. Meanwhile, the court also asked senior counsel L. Ravichander , who represented RBI, to file the counter.
