Wednesday, October 21, 2020

SC issues notices to Ramoji Rao in Margadarsi Case

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Hyderabad: The Supreme Court on Monday (August 10) served notices on Eenadu Group Chairman Ramoji Rao and Margadarsi Financiers, for allegedly collecting about Rs. 2,600 crores in violation of RBI guidelines.

The SC heard a petition by Undavalli Arun Kumar, former Member of Parliament from Rajamundry, challenging the verdict of the erstwhile common High Court of Telangana and Andhra Pradesh. Senior advocate SS Prasad appeared for the petitioner in the hearing of the Special Leave Petition (SLP).

The three-judge bench of the SC headed by Justice Ashok Bhushan allowed the Reserve Bank of India and former IG Krishna Raju to be impleaded in the case. Raju had previously filed this case before the First Additional Chief Metropolitan Magistrate, Hyderabad which the common High Court quashed on December 31, 2018.

Advocate Prasad argued that the High Court had wrongly dismissed the case. The HC held that Ramoji Rao’s Hindu United Family (HUF) is not a company, firm or even a group of persons and that the rules under Section 45 (S) of the RBI Act, 1934 are not applicable in this case.

The notices are also issued to the states of Telangana and Andhra Pradesh, along with the aforementioned. The next hearing, in this case, will be held after all the parties involved respond to the notices in writing.

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