Former MP Vundavalli Arun Kumar welcomed the apex court order to complete detailed scrutiny against Margadarsi Chit Funds Private Limited (MCFPL) in six months.
Speaking to the media, Undavalli Arun Kumar said, “I asked about violation of Section 45S of The Reserve Bank of India Act, 1934. I want the facts to come out in the case of financial irregularities committed by Ramoji Rao. I informed the same to the apex court in my petition.”
Three days ago a bench comprising Justices Surya Kant and Viswanathan concerning irregularities in Margadarsi chit funds observed “A thorough examination of the deposits should be done in two to three months. RBI should also be involved in the High Court process. Telangana, AP government, RBI and Undavalli should hear arguments in this case. Telangana High Court should complete the trial of this case in another 6 months.”
Undavalli Arun Kumar said,''I have opened an email account-
A full investigation into the financial crimes committed by Ramoji in the name of Margadarshi would be held in the Telangana High Court. Undavalli Arun Kumar hoped that some logical conclusion would come.
