Margadarsi Financiers
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Home / Andhra Pradesh News / 2008 / March / March 28, 2008
Apex Court directs HC to proceed with complaint against Margadarsi Financiers
Margadarsi Financers issue

Apex Court directs HC to proceed with complaint against Margadarsi Financiers
Division Bench passed the order while disposing of a special leave petition

Margadarsi Depositors Welfare Association files writ petition
AP High Court grants interim orders

CID seizes documents of Margadarsi Financers
Searches conducted in presence of its representatives

CID officials shifts records of Margadarsi
Action followed by the Court dismissal Margadarsi petition

Another set back to Margadarsi
Court dismisses revision petition

CID resumes searches at Margadarsi
Gates of building closed for outsiders

CID to resume searches on Margadarsi on Sunday
Court gives permission to the officials for searches

More features on Margadarsi Financers issue

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Apex Court directs HC to proceed with complaint against Margadarsi Financiers

Division Bench passed the order while disposing of a special leave petition

Hyderabad, March 28, 2008

The Supreme Court today made it clear that the First Additional Chief Metropolitan Magistrate, Nampally Courts, Hyderabad shall proceed with the criminal complaint filed by the State Government against the Margadarsi Financiers. A Division Bench comprising Chief Justice, KG Balakrishnan and Justice RV Raveendran said that the observations by the Andhra Pradesh High Court in an order of quash proceedings before the Apex Court shall not come in the way.

Senior counsel L Nageswara Rao, appearing for the Margadarsi Financiers submitted the Bench that the petitioners are moving to the Supreme Court one year after the order was passed. And they ought to have moved the High Court for redressel of their grievance against the High Court order.

On July 23, the Supreme Court had directed Margadarsi Financiers to file details of payments made to individual depositors. The organization should also disclose the details of the amount deposited in the escrow account, the Bench directed. The case against Margadarsi Financiers is that it accepted moneys to the tune of Rs.2,600 crore from the public in violation of the Reserve Bank of India Act, 1951.

Andhra Pradesh on March 28, 2008

CAG Report tabled in the Assembly
APIIC indicted for incorrect land allotment

1,700 Sub Inspectors to be filled up
Government gives green signal for recruitment

140 candidates barred from contesting civic polls
State Election Commission took the decision

ACB officials conducted searches at the residence of a Tahsildar
Unearths Rs. 60 lakh worth assets

Apex Court directs HC to proceed with complaint against Margadarsi Financiers
Division Bench passed the order while disposing of a special leave petition

Teacher suspended on the charge of leakage of English paper
Probe launched against two officials and a student in this connection

March 28 in History

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28 March 2002
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28 March 2004
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28 March 2006
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28 March 2007
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