Big Blow to Ramoji Rao's Margadarsi In Supreme Court

New Delhi: Cherukuri Ramoji Rao-led Margadarsi Chit Funds Private Limited (MCFPL) faced a significant setback in the Supreme Court on Tuesday.

The Supreme Court made crucial observations during the hearing in the case related to illegal deposits by Margadarsi financiers. The top court said there was a need for a detailed scrutiny of the deposits, and the matter would be referred to the Telangana High Court with a specified timeframe for the same.

A bench comprising Justices Surya Kant and Viswanathan was hearing a petition concerning irregularities in Margadarsi chit funds. 

 "There should be a comprehensive scrutiny of deposits. Hasn't the money been returned to any depositors yet? The details should be collected by issuing a public notice," the court observed.

The court also noted that a former High Court judge should be appointed for this purpose.

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