Margadarsi depositors stage rally in support of Ramoji Rao

Vijayawada, Feb 26 (UNI) Expressing their solidarity for media-baron and Eenadu Chief Editor Ramoji Rao, several depositors of Margadarsi Finance company today held a rally here condemning the 'vindictive' action of the Andhra Pradesh Government towards the firm.

The rally which commenced from Swaraj Maidan, ended at Sub Collector's office by passing through the main arterial roads.

The depositors said they have utmost confidence on the finance company and asked the State Government to stop its vengeance on it.

We are not worried about the deposits invested in the Margadarsi, as Mr Rao had given guarantee for the money, the depositors said and questioned the rationale behind the Government's action on issuing a GO to find out whether Margadarsi had violated section 45-S of the Reserve Bank of India (RBI) Act.

They alleged that the Government was 'adamant' on conducting searches at Margadarsi offices through the CID by securing warrant from the court.

The depositors later submitted a Memorandum to the Sub Collector on the issue.

UNI