RAJAMAHENDRAVARAM: Former Congress MP Undavalli Arun Kumar has said his stand is vindicated by ‘irregularities’ of Margadarsi Chit Fund Private Limited (MCFPL) being exposed by the State government. Speaking to media persons here on Tuesday, Undavalli said the YS Jagan Mohan Reddy government dared to take MCFPL by horns and proved no one is above law.
At the same time, the former MP found fault with comments of the Chartered Accounts Association, describing the arrest of a CA belonging to Brahmayya and Co, which audited the accounts of MCFPL, as an attack on the entire CA fraternity.
“Nothing can be far from the truth. As per IPC Section 477 A, if the accounts are manipulated, it warrants punishment. If MCFPL chairman Ch Ramoji Rao says he is transparent, let him disclose the name of depositors,” he demanded. Elaborating further, Undavalli said auditors are not exempted from prosecution if they did a mistake. It has been proved in several cases like Satyam and AgriGold, he pointed out.
Asserting that no one is above law, he cited the recent example of the Tirumala Tirupati Devasthanams being fined Rs 10 crore under the FCR Act for not renewing its registration. After negotiations, the TTD paid a fine of Rs 3 crore on behalf of Lord Venkateswara, which proved that no one is above law. “If such is the case, how can Ramoji Rao considers himself above law?” he questioned.
Undavalli said the YS Jagan Mohan Reddy government has filed a powerful affidavit in the AP Reorganisation Act case, which he feels is done in support of him.“My argument from the beginning has been that laws have been violated by Margadarsi and its financial statements are not clean. If they (Ramoji Rao and co) think otherwise, they can come out clean using the newspaper they run,” he asserted.