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Andhra Pradesh
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Hyderabad
Margadarsi diverted funds, says Minister
Special Correspondent
HYDERABAD:
Finance Minister K. Rosaiah said here on Saturday that Margadarsi Financiers had gone against the provisions of the RBI Act of 1934 by diverting its funds to other businesses.
He told reporters that any such diversion would affect the performance of Margadarsi itself. He reiterated his stand that collection of deposits from the public was also in violation of the Act.
Asked as to what prevented the Government from initiating action earlier, he said N. Rangachari, Adviser (Finance), would shortly begin examination of the relevant records of the company.
The Minister took pains to explain that the Government was not on a witch-hunt of the Eenadu group as alleged. "We have respect for Ramoji Rao but protection of depositors' interests is uppermost in our minds," he added.
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