Ramojirao clarifies that the step is to protect depositor’s interest
Hyderabad, December 22, 2006
The chairman of Ramoji Group, Ramoji Rao said on Friday that the shares of a group company had been sold to a prominent international firm to fulfil his promises of protecting the interests of the depositors of Margadarsi Financers.
The process of selling these shares had been successfully concluded in spite of concerted attempts made by adversaries of Margadarsi to scuttle it. He said that the details of the transactions would be made available soon to the depositors said in a statement.
He said that all necessary arrangements have been made to repay the matured deposits, letters were being sent to depositors who had not collected their deposits and the amounts due to them were being put in escrow account specially opened for the purpose.
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