Court reserves orders on Margadarsi revision plea till Mar 16

Hyderabad, Mar 6 (UNI) The Metropolitan Sessions Court today reserved orders till March 16 on the revision petition filed by Margadarsi Financiers, owned by media baron Ramoji Rao, seeking a stay on its premises being searched by the state CID.

After hearing counter arguments of Margadarsi counsel Padmanabha Reddy, Judge A Anantasayana Prasad reserved the judgement on the revision petition till March 16 evening.

The counsel questioned under what provision the Rangachari Commission was appointed to inquire into matters of the financiers, adding there was no provision in the law to appoint a commission.

Special Public Prosecutor S S Prasad argued the financiers had violated rules under Section 45 (s) and the RBI too had found fault with Margadarsi's activities.

UNI