HYDERABAD: The Telangana High Court has expressed its dissatisfaction over the delay in hearing the Margadarsi case. The court recalled the Supreme Court’s directive to pronounce the verdict as soon as possible after hearing all arguments. It took exception to the Reserve Bank of India’s (RBI) request for two weeks’ time to file a counter affidavit, stating that such a delay was unwarranted. The court ordered that the counter affidavit be submitted within a week and adjourned the next hearing to February 14.
Meanwhile, former MP Undavalli Arunkumar brought to the court’s attention that despite an order issued in October 2024 to include his name in the cause list, the registry failed to implement it. Acknowledging the concern, the bench reiterated its directive to the registry to comply with the order.
Previously, the high court had dismissed a complaint filed in the Nampally court seeking action against Margadarsi and its owner late Ramoji Rao, under the Depositors Protection Act for alleged legal violations. Challenging this ruling, Arunkumar and the Andhra Pradesh government had approached the Supreme Court. At the same time, Margadarshi and Ramoji Rao had also filed a petition in the apex court, objecting to specific parts of the judgment.
On April 9, 2024, the Supreme Court overturned the high court’s decision, stating that the facts related to the collection of deposits needed to be ascertained. The court ruled that all parties, including Arunkumar and the AP government, must be heard.
A bench comprising Justice Shyam Koshy and Justice K. Sujana took up the matter on Friday. Senior advocate Siddhartha Ludra, Arunkumar, and senior advocate L Ravichander participated virtually, while AP special government pleader Rajeshwar Reddy and Telangana public prosecutor Palle Nageshwar Rao appeared in person. During the hearing, Ravichander pointed out RBI’s request for additional time to file a counter, but the court rejected the request, setting a one-week deadline for submission.