The Supreme Court issued notices to Ramoji Rao and Margadarsi Financiers. The court heard a petition filed by former MP Undavalli Arun Kumar challenging the verdict of the erstwhile unified Andhra Pradesh high court in the case. While giving notices to the respondents, a three-judge seat of the Supreme Court headed by Justice Ashok Bhushan permitted Reserve Bank of India and previous IG Krishna Raju to be impleaded for the case.
By chance, it was Krishnaraju who had before complained that Ramoji Rao had gathered deposits to the tune of Rs 2,600 crores disregarding the RBI rules. In any case, a day prior to the bifurcation of the recent brought together Andhra Pradesh high court, Justice Rajini excused the body of evidence against Rao because the Hindu Joint Family doesn’t add up to a gathering of people and that the RBI rules didn’t make a difference to it.
