The Hindu : Front Page : `Shares of group company sold to prominent international firm'

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Saturday, Dec 23, 2006
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`Shares of group company sold to prominent international firm'

Special Correspondent

Ramoji Rao clarifies on bid to protect depositors' interests

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HYDERABAD: Chairman of Ramoji Group Ramoji Rao said here on Friday that the shares of a group company had been sold to a prominent international firm to fulfil his promise of protecting the interests of the depositors of Margadarsi Financiers.

The process of selling these shares had been successfully concluded in spite of concerted attempts made by the adversaries of Margadarsi to scuttle it.

Details of the transaction would soon be made known to the depositors, Mr. Ramoji Rao announced in a statement.

He said arrangements had been made to repay the matured deposits, letters were being sent to depositors who had not collected their deposits and the amounts due to them were being put in an escrow account specially opened for the purpose. "I am re-assuring the depositors that I will pay the last paisa to each one of them without any problem," he said.

Systematic campaign

Mr. Ramoji Rao said it was seven weeks since the Congress leaders in Andhra Pradesh had mounted a systematic disinformation campaign against Eenadu, ETV and Margadarsi Financiers. They were unable to digest the fact they could not succeed in their propaganda aimed at creating a scare among the Margadarsi depositors. "That is why they have intensified their attack during the last two days," he added.

He said that in spite of this vicious attack, the depositors had shown unflinching faith and belief in him and his company.

He would not allow the foundation to be shaken. He observed that although they were attacking him in the guise of protecting the depositors' interests, they were actually harming the interests of lakhs of depositors.

Cites company's record

Margadarsi Financiers, he said, was known for years for timely repayment of deposits and was ready with a sound strategy to continue with it.

He said his detractors wanted to bring him into disrepute and undermine his institutions through a `tsunami of criticism' but he was sure that they would not succeed. "We will face these challenges with the confidence and faith of our depositors," he said.

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