In mid 2008, Rajahmundry ex-MP Undavalli Arun Kumar shot to headlines by alleging media baron Ramoji Rao of wrongdoing in Margadarshi Chit-Fund Company. Since then Undavalli with the help of late YSR, troubled Ramoji like anything.
After 12 years, this case is back to headlines as Undavalli knocked the Supreme Court as he got to know that the case has been squashed by the Telangana High Court. Speaking to the media in New Delhi, Undavalli said, “This case did not go to trails not even once and how can they get a squash the case. Ramoji influenced Telangana government and cleared the case. But Margadarshi has collected deposits from undivided AP so divided AP state should also come into cognizance.”
Adding as per Supreme Court, a case belonging to financial offenses can’t be squashed. On the last day of Hyderabad High Court i.e, December 31st, 2018, Ramoji filed a squash petition and managed to get verdict in his favour.
The former MP added Supreme Court has given two weeks time to Ramoji Rao to appear before the court in the new petition. “If Ramoji is found guilty, he will need to pay Rs 7500 crore as penalty for collecting Rs 2500 crore deposits even though the money is returned to the depositors. Apart from the penalty, he may also face jail for two years,” added Undavalli.
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