MP sets deadline for Margadarsi Financiers

Hyderabad, Feb 5 (UNI) Congress MP V Arunkumar today set a deadline of May 31 for the Margadarsi Financiers, run by a noted media baron, for returning all deposits allegedly secured in violation of the Reserve Bank of India (RBI) guidelines.

Addressing a news conference here, the MP, who brought to light the alleged ''illegal'' business of the Hindu undivided family firm, wanted to know how the firm, which had incurred a loss of Rs 1,800 crore in 2006, had earned a profit of Rs 500 crore this year.

Denying TDP president N Chandrababu Naidu's charge that the ruling Congress wanted to cripple the media baron financially as he had exposed corruption, the MP said the State or Union Government had not prevented any investment by any company into the firm.

He also challenged Mr Naidu to prove his allegation.

Claiming credit for the firm allowing premature withdrawal of deposits maturing up to the year 2010, he said it should come forward to return the deposits maturing in 2016 too.

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