HYDERABAD: Justice G. Raghuram of the High Court on Thursday ordered notices to Margadarsi Financiers, Ramoji Rao and the Union of India in a writ petition filed by two depositors.
The judge was ordering notices before admission of a writ petition filed by Venkat Rao and Malati who challenged the communication of the RBI regarding the Margadarsi Financiers. The petitioners complained that Margadarsi Financiers had taken a stand that they will not pay the money deposited until the maturity date. They said that the RBI communication was being taken advantage of by Margadarsi Financiers.
They complained that the RBI ought not to have issued such communication, which facilitates payment of money only after the maturity date. The court was informed about the details of the proceedings of RBI and a note annexed to it. They contended that the officers of the RBI on earlier occasions were supporting the activities of Margadarsi Financiers in collecting deposits. The judge adjourned the matter to February 26 and directed the RBI to file its counter and ordered notices to other respondents.