KAKINADA: The Supreme Court has issued notices to Eenadu Group chairman Ch Ramoji Rao, RBI and the Telangana government in the Margadarsi chit funds case.
Former MP Vundavilli Arun Kumar Rajamahendravaram took on the company whether it accepted deposits as a Hindu Undivided Family.
The AP government got involved in the case and filed a special leave petition in the Supreme Court. Based on this, the SC issued notices to the parties. It is learned that Ramoji Rao has also filed an SLP.
Arun Kumar said the Supreme Court wanted to know whether the deposits have been returned to the depositors. Counsel to the AP government, senior advocate Vikas Singh, said this would have to be verified by the company and the government. Therefore, the court issued notices.
Regardless of whether the deposits have been returned, the moot question was whether a HUF was entitled to accept deposits. Arun said that under the law a HUF cannot do this.
Arun Kumar said he met Chief Minister K. Chandrashekar Rao recently and asked him to fulfill the request on behalf of the Telangana government. He said that Chandrashekar Rao ahd had instructed him to do so. He made it clear that he had no vendetta against Ramoji Rao and was fighting to introduce a law to strengthen the system.
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