By S A Ishaqui
Hyderabad, Jan 5 : Mr K. Satyanarayana Raju, former director of Nagarjuna Finance, who is in judicial custody, filed a bail petition in the High Court on Monday.
The Hyderabad City Central Crime Station authorities arrested him on December 15, 2008, under Section 406, 420 of IPC and Section 5 of the Andhra Pradesh Protection of Depositors of Financial Establishments Act.
The petitioner argued that the special court is not competent to remand him as the APPDFE Act has no power over him.
He contended that he was not responsible for non payment of deposits to deposit-holders and said that the new management was responsible to it. Mr Raju said the consumer courts held that he was not liable and the new management had to repay the deposits.
However, Mr P.K. Madhav, another former NFC director, filed a petition seeking a direction to club all the crimes pending against him relating to non payment of fixed deposits by NFC and investigate the matter together. Mr Madhav was arrested along with Mr K.S. Raju.
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