Telangana HC Gives One Week Time to RBI to File Counter in Margadarshi Financiers Case
HC says no delay in hearings in petitions remanded by the Supreme Court
Hyderabad: In the issue related to continuation of criminal proceedings against Margadarsi Financiers for collecting deposits without prior approval of the RBI, the Telangana High Court on Friday made it clear to the parties concerned that it would not accept any delay in hearings in the criminal petitions that were remanded to High Court by the Supreme Court.
The Supreme Court had remanded the cases six months ago to the Telangana High Court to decide the matter expeditiously. As the parties concerned were taking time to file counters, the Telangana HC made the observations.
A division bench of Justice Shyam Koshy and Justice K. Sujana expressed dissatisfaction over the Reserve Bank of India’s (RBI) request for two weeks to file a counter affidavit. The court directed the RBI to file the counter within a week and adjourned the hearing to February 14.
Meanwhile, former MP Vundavalli Aruna Kumar brought to the notice of the bench that although the registry was ordered to include his name in the cause list in October, it was not done. With this, the bench once again issued orders to the registry.
Senior advocate Siddhartha Luthra, former MP Arun Kumar, and senior advocate L. Ravichander for the RBI appeared virtually and AP Special government pleader Rajeshwar Reddy and Telangana public prosecutor Palle Nageshwar Rao attended the hearing in person.
