Two GOs appointing to look into the affairs of Margadarsi Financers
Hyderabad, December 29, 2006The Margadarsi Financers in a writ petition filed in the High Court on Friday challenged the Constitutional validity of the Andhra Pradesh Protection of depositors of Financial Establishments Act, 1999. They contended that the two GOs appointing N. Rangachary and an IPS Officer Krishna Raju to look into the affairs of Margadarsi Financers had the foundation in this Act.
The Act provides for attachment of properties on default in respect of deposits in a financial establishment. The competent authority can order attachment of property and constitution of special court. The petitioner said that the State Government did not have the competency to frame this Act and therefore it was unconstitutional. The writ petition is likely to be listed in the first week of January before the appropriate Bench of the High court.
This is an archive news page about an event that happened in the past. The News / Information might have changed in subsequent days as news gets developed. This page exists for referance purpose only.
Join Discussions on AndhraNews.com