By Shariff Ameeruddin Ishaqui
Hyderabad, June 18 : The first additional chief metropolitan court on Wednesday issued summons to the chairman of the Ramoji group of companies, Mr Ramoji Rao, in connection with the Margadarsi financers case.
Hyderabad, June 18 : The first additional chief metropolitan court on Wednesday issued summons to the chairman of the Ramoji group of companies, Mr Ramoji Rao, in connection with the Margadarsi financers case.
This comes following a complaint filed by Mr T. Krishna Raju, the inspector-general (CID) and the authorised officer in the case. In his complaint, Mr Raju alleged that Mr Rao and his firm violated Section 45-S (1), (i) and 45-S (2) of the Reserve Bank of India Act, 1953.
The Supreme Court in March had said, “We make it clear that the magistrate may proceed with it in accordance with the law as there is no stay of any prosecution or complaint. The last line in the impugned order is not to be interrupted. The outcome of any proceedings initiated by the authorised officer against the respondent will be subject to the result of the writ petition and the direction of this court.”
The Supreme Court in March had said, “We make it clear that the magistrate may proceed with it in accordance with the law as there is no stay of any prosecution or complaint. The last line in the impugned order is not to be interrupted. The outcome of any proceedings initiated by the authorised officer against the respondent will be subject to the result of the writ petition and the direction of this court.”
Mr Raju said to the court that the Margadarsi Financiers has no right to accept deposits from other persons who are not relatives.
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