Margadarsi chit fund private ltd - Latest News Update, Information, Photos & Videos on Margadarsi chit fund private ltd at Lokmat Times

New Delhi, June 5 The Supreme Court on Monday agreed to examine a plea by Andhra Pradesh government seeking transfers of a clutch of pleas filed by Margadarsi Chit Fund Private Ltd (MCFPL)and others, challenging criminal and other investigation started against it.A vacation bench of Justices Aniruddha Bose and Rajesh Bindal issued notice to the chit fund company and scheduled the matter for hearing on July 18.Senior advocate Harish Salve, representing the company, opposed the plea and contended this kind of politics should be avoided. He submitted that the Telangana High Court dealt with the issues and rather than filing an appeal, the state government sought transfer of the matter. The apex court was informed that the high court has already fixed the matter for June 26.The Andhra Pradesh government sought transfer of the matters from the Telangana to the Andhra Pradesh High Court.The state government, in its plea, contended that the FIRs were registered by the authorities before the Andhra Pradesh CID police station in Guntur, against MCFPL for offences committed in Andhra Pradesh under the Chit Fund Act, the Andhra Pradesh Protection of Depositors in Financial Establishment Act, 1999 and IPC.The state government emphasised that offences were committed within its territory and the state police investigated it."Instead of availing of their remedies available under law, the Respondents herein chose to approach the Hon'ble High Court of Telangana, invoking its writ jurisdiction, where none existed. Shockingly, not only were such writ petitions entertained, interim orders were also passed restraining the Petitioner from taking any coercive steps against MCFPL, its management, employees or affiliates," said the plea.The state government plea said that it is also a matter of fact that the largest number of subscribers to the chit funds of MCFPL are located in Andhra Pradesh, and that the majority of the branch offices of MCFPL are located in Andhra Pradesh.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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National :SC to examine AP govt plea seeking transfer of pleas of Hyderabad-based chit fund company

New Delhi, June 5 The Supreme Court on Monday agreed to examine a plea by Andhra Pradesh government ... ...