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.
Join Discussions on AndhraNews.com
Events and happenings on 28 March in History
28 March 2001
Highlights: GSLV project put off due to technical snag at final launch stage
28 March 2002
Highlights: CPI stages walkout from Assembly
28 March 2003
Highlights: Leaders calls for creating awareness on HIV/AIDS
28 March 2004
Highlights: TDP - BJP alliance runs into trouble
28 March 2005
28 March 2006
Highlights: TRS president meets PCC chief
28 March 2007
Highlights: APSRTC announces profits
