Former Congress MP from Rajahmundry Vundavalli Arun Kumar created a tough time for Eenadu group chairman late Ch Ramoji Rao fought a prolonged legal battle for nearly 17 years against the alleged irregularities in Margadarsi Financiers, owned by the media baron.
Though he could not get Ramoji Rao convicted during the latter’s lifetime in the Margadarsi case, his arguments gave a weapon to the previous Y S Jagan Mohan Reddy government in Andhra Pradesh to target the former and his daughter-in-law Sailaja Kiran in the last three years.
But after Ramoji Rao passed away due to ill-health in June this year, Vundavalli paid rich tributes to him and described him as a powerful celebrity and a fighter.
He even declared that there was no point in fighting the case against Ramoji Rao, when the latter himself was not alive.
This has led to the impression that Vundavalli would drop his case against Margadarsi group.
But on Tuesday, the former MP continued with his arguments in the Telangana high court against Margadarsi, stating that the company had violated the rules in accepting deposits.
Arguing before the bench of Justice Sujay Paul and Justice Namavarapu Rajeshwar Rao, Vundavalli said the Reserve Bank of India had clearly declared in its recent affidavit that Margadarsi had violated the banking norms by accepting the deposits.
He pointed out that Margadarsi group had earlier submitted the list of 70,000-odd depositors to the Supreme Court and asked the high court to direct the company to submit the details of the depositors even to the high court.
The bench asked Vundavalli to submit an affidavit to the court to that effect. It also asked the Telangana and Andhra Pradesh governments to file their counters to the RBI affidavit within two weeks.
