RAJAMAHENDRAVARAM: The Andhra Pradesh government has impleaded in the Margadarsi Financiers case by filing a special leave petition in the Supreme Court. The apex court has adjourned the case hearing to September 19.Revealing this here on Monday, former Congress MP Undavalli Arunkumar welcomed the State government’s move to implead in the case and was all praise for Chief Minister YS Jagan Mohan Reddy for his decision that was taken at an ‘appropriate time.’
It was alleged that the promoters of Margadarsi Financiers collected `2,600 crore in violation of various Acts. The High Court of the erstwhile united Andhra Pradesh, however, dismissed the case. Undavalli challenged the High Court verdict in the Supreme Court in 2020. The Supreme Court served notices on Margadarsi Financiers and also allowed the Reserve Bank of India (RBI) and others to implead in the case.
Speaking to mediapersons in Rajamahendravaram, Undavalli said he thought his petition might have been dismissed today.
“However, I came to know through my lawyer that the State government has impleaded in the case. At last, the Chief Minister has taken a wise decision,’’ the former MP said and appealed to Telangana Chief Minister K Chandrasekhar Rao also to implead in the case.
In the implead petition, the government said the petitioners (Margadarsi Financiers) are guilty of violation of not only the provisions of the Reserve Bank of India Act but also the provisions of the Income Tax Act. It is alleged that the petitioners have collected deposits in cash in violation of Section 269s of the Income Tax Act,’’ it said and added that as on date, all the proceedings, either under the Reserve Bank of India Act, or under the Income Tax Act or under the provisions of the Andhra Pradesh Protection of Depositors of Financial Establishments Act, 1999 have been stalled by the petitioners by filing a number of proceedings and by obtaining interim orders. There are absolutely no merits in the above Special Leave Petition and in the Transfer Petition filed by the petitioners,’’ the government said and prayed the court to dismiss the two petitions.