Hyderabad/Amaravathi: The Andhra Pradesh High Court (HC) on Wednesday passed an interim order staying the inspections in the Margadarsi Chit Fund offices. The AP High Court has issued an order to follow the 46-A rule if inspections are to be carried out. The Andhra Pradesh High Court has ordered not to disturb the daily activities of the company.
In another case, the Telangana High Court on Wednesday has given verbal instruction to the Andhra Pradesh CID not to disclose the details of Margadarsi's case to the media.
Also read: Margadarsi Chit Funds opens another branch in Kolar Karnataka, its 109th across India
The court questioned the CID as to why there was a need to hold a press meeting on the Margadarsi case. The Telangana High Court has adjourned the hearing of the case to the 12th of next month. Margadarsi's counsel told the court that the Andhra Pradesh government is delaying the counter-filing. The Telangana High Court has directed the Andhra Pradesh government lawyer to file a counter.
On August 21, former Andhra Pradesh Chief Minister and Telegu Desam Party (TDP) chief, N Chandrababu Naidu accused the incumbent Chief Minister and president of the YSR Congress Party of harassing ETV Network owner Ramoji Rao for 'exposing YSRCP's scams and dirty deeds'. In a lengthy post on X, formerly known as Twitter, Chandrababu Naidu, wrote, “Continuing his tendency to dismantle institutions, YS Jagan is now trying to raze down media - the fourth pillar of democracy”.
On August 11, the Andhra Pradesh High Court intervened by issuing a stay on the recent public notice issued by the Registrar of Chits. The notice, which had called upon subscribers to voice their objections against the discontinuation of Margadarsi Chit groups, has been temporarily suspended from further implementation. This decision comes as a result of concerns raised by various stakeholders.
