MP Arun Kumar says Margadarsi has kept Reserve Bank of India in dark

Says Margadarsi cannot collect funds from public

In the wake of allegations leveled by Congress MP V. Arun Kumar about financial irregularities, the Congress Legislature Party (CLP) has accused Margadarsi Financiers of launching a misinformation campaign to salvage its image. Speaking at a press conference on Thursday, the Government Chief Whip N. Kiran Kumar Reddy said the company had not only violated the rules but also kept the Reserve Bank of India (RBI) in the dark.

He said that it could not collect deposits from the public and invests it in other companies without the permission of RBI. Even then, it was supposed to return the money to the depositors by 2001 as per the amended provisions of the Section 45 (S). Instead of showing proof of the profits or the proviso made to pump back these into Margadarsi, the management was trying to confuse the people with false campaign using its media connections.

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Events and happenings on 9 November in History

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