Aruna Kumar Wants To File Suit Against Ramaji Rao on Chit Fund Business
8 months, 1 week ago

Aruna Kumar Wants To File Suit Against Ramaji Rao on Chit Fund Business

Deccan Chronicle  

Kakinada: Rajamahendravaram former MP Vundavalli Aruna Kumar has said he would file another suit against Eenadu group chairman Ramoji Rao. He said that if any person running a chit fund business does another business, he may divert the chit fund amounts to that business and might become bankrupt. Though Ramoji Rao is doing other businesses along with chit fund business, nobody asked him about this. There is a difference between Company Act and Chit Fund Act and there is no relation between the two laws.” Speaking about the Supreme Court direction on the Margadarsi case, he said the SC has given a clear direction to Telangana High Court that the case should be opened and a probe done through a retired judicial officer.

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History of this topic

‘Sharathulu Varthisthai’ (Telugu) movie review: Well-intended, albeit dull PSA
9 months, 1 week ago

‘Sharathulu Varthisthai’ (Telugu) movie review: Well-intended, albeit dull PSA

The Hindu  

‘Sharathulu Varthisthai’ is a disclaimer in the fine print that we often do not pay attention to. ‘Sharathulu Varthisthai’ Director: Kumara Swamy Cast: Chaitanya Rao Madadi, Bhoomi Shetty Storyline: A government employee decides to fight back when he and several other middle class families are duped of their savings. When the first glimpse of the ‘Golden Plate’ chit fund investment …

Hyderabad: 2 Held for Rs 2-Cr Chit Fund Fraud
10 months, 2 weeks ago

Hyderabad: 2 Held for Rs 2-Cr Chit Fund Fraud

Deccan Chronicle  

The special team of Madhapur police arrested two chit fund organisers for cheating hundreds of gullible investors to the tune of Rs 2 crore across the state. The accused opened a chit fund company named Samathamurthy Chit Fund Private limited six months ago and were functioning in their three branches at Madhapur, LB Nagar and Kukatpally, the police said. According …

Vijayawada court summons seven accused in Margadarsi chit fund scam
1 year, 4 months ago

Vijayawada court summons seven accused in Margadarsi chit fund scam

Deccan Chronicle  

Vijayawada: The first additional district sessions court in Guntur summoned seven suspects in the Margadarsi chit fund fraud to appear for a hearing in a criminal defamation complaint filed by the APCID for defaming it by publishing a disparaging and venomous article in Eenadu on April 13, 2023. On Thursday, additional advocate general Ponnavolu Sudhakar Reddy told media that the …

MPs support CID action against Jagajjanani chits
1 year, 7 months ago

MPs support CID action against Jagajjanani chits

Deccan Chronicle  

Kakinada: Rajya Sabha member Pilli Subhashchandra Bose and Rajamahendravaram MP Margani Bharat have defended the action AP CID has taken against Jagajjanani Chit Fund Company. Incidentally, Jagajjanani Chit Fund Company is run by Telugu Desam leader Adireddy Appa Rao and his son Adireddy Srinivasa Rao. Bharat pointed out that many chit fund companies divert funds to other businesses in violation …

Appa Rao, son Srinivasa Rao held for Chit fund Rs.11 crore fraud
1 year, 7 months ago

Appa Rao, son Srinivasa Rao held for Chit fund Rs.11 crore fraud

Deccan Chronicle  

KAKINADA: The CID on Sunday arrested senior Telugu Desam leader and former MLC Adireddy Apparao his son Srinivasa Rao the husband of Rajamahendravaram Urban MLA Adireddy Bhavani. As per a charge-sheet, “At the time of commencement of new chit croups, the company submitted agreements it entered with new chit subscribers to the assistant registrar of chits and it would submit …

AP to conduct detailed audit at all 37 branches of Margadarsi
1 year, 9 months ago

AP to conduct detailed audit at all 37 branches of Margadarsi

Deccan Chronicle  

VIJAYAWADA: The Andhra Pradesh government would conduct a detailed audit on all 37 branches of the Margadarsi Chit Funds Pvt Ltd under Section 61 of the Chit Funds Act, 1982. “Hence, there was a need for a detailed audit report to unearth the irregularities committed by the company.” The qualified auditor came up with findings in the audit as per …

Irregularities found in 35 chit fund companies
2 years ago

Irregularities found in 35 chit fund companies

Deccan Chronicle  

Vijayawada: Commissioner of state Registration & Stamps department, V. Ramakrishna, said on Friday that irregularities were detected in 35 chit fund companies in Andhra Pradesh and legal action would follow. There exist 587 branches of about 423 chit fund companies, through which 6,868 chit groups are working and their annual turnover was Rs 638.99 crore, he said. The workshop aimed …

None above law, says minister in Margadarsi case
2 years ago

None above law, says minister in Margadarsi case

Deccan Chronicle  

VIJAYAWADA: Irrigation minister Ambati Rambabu on Friday has brushed aside allegations that the state government was victimising Margadarsi Chit Fund Company. Addressing the media here, he underlined that the stamps and registration department had conducted raids against various chit fund companies across the state for violation of laws. The minister said Margadarsi chits was delaying payment of prize money to …

Vundavalli welcomes inspection on chit fund firms
2 years, 1 month ago

Vundavalli welcomes inspection on chit fund firms

Deccan Chronicle  

Vijayawada: Former Congress MP Vundavalli Aruna Kumar has welcomed the state-wide swoop on chit fund companies including the Margadarsi chit fund by inspection teams of the department of Registration and Stamps on Tuesday. I am also facing a case filed by the Margadarsi chit fund company claiming defamation and damages of Rs 50 lakh for my statement that the company …

Margadarsi Chit Fund Case: Former Congress MP Ups the Ante Against Ramoji Rao, Demands ED, SEBI Probe
2 years, 1 month ago

Margadarsi Chit Fund Case: Former Congress MP Ups the Ante Against Ramoji Rao, Demands ED, SEBI Probe

News 18  

Former Congress MP Undavalli Aruna Kumar has come out all guns blazing at Ramoji Rao in the Margadarsi Financiers case as he presented evidence to prove his case. Presenting the balance sheet of Margadarsi Chit Fund company for the year 2021, Kumar said that Rao had signed as the chairman of the company. The former MP alleged that an affidavit …

As AP files SLP in Supreme Court against Margadarshi case, plea to TS to do same
2 years, 4 months ago

As AP files SLP in Supreme Court against Margadarshi case, plea to TS to do same

Deccan Chronicle  

KAKINADA: Former Rajamahendravaram MP Aruna Kumar has appreciated the filing of a special leave petition by the state government in the Margadarsi case. He said that it was on chief minister Jagan Reddy’s instructions that the state government filed an SLP in the apex court by impleading itself in the case. He said that after he brought the Margadarsi Chit …

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