The Hindu : Andhra Pradesh / Hyderabad News : Declare solvency of firms, MP tells Ramoji

Online edition of India's National Newspaper
Saturday, Nov 18, 2006
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Andhra Pradesh

Andhra Pradesh - Hyderabad

Declare solvency of firms, MP tells Ramoji

Special Correspondent

HYDERABAD : Congress MP from Rajahmundry Vundavalli Arun Kumar said that Chairman of the Ramoji Group Ch. Ramoji Rao should declare solvency of the companies owned by him in order to create confidence among depositors of Margadarsi Financiers.

Reiterating his charge that Margadarsi Financiers was running into losses, Mr. Arun Kumar, at a press conference here on Friday, distributed photocopies of cheques issued to depositors by the company, which showed Mr. Rao as the proprietor of the firm while the fixed deposit certificates mentioned him as "Kartha of HUF/Attorney."

I-T returns

The Rajahmundry MP said he had obtained the Income Tax returns filed by Margadarsi Financiers under the Right to Information (RTI) Act. The returns showed that investments were made in 12 companies in addition to many un-incorporated bodies. It also revealed that Margadarsi Financiers and other companies had suffered a net loss of Rs. 18.59 crores during 2004-05.

Mr. Arun Kumar asserted that he would raise the issue in Parliament during the winter session.

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