Online edition of India's National Newspaper
Saturday, Dec 30, 2006
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Online edition of India's National Newspaper Saturday, Dec 30, 2006 ePaper |
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Andhra Pradesh
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Hyderabad
Legal Correspondent
HYDERABAD: The Constitutional validity of the Andhra Pradesh Protection of Depositors of Financial Establishments Act, 1999, was challenged by Margadarsi Financiers in a writ petition filed in the High Court on Friday. The writ petition was filed by the Margadarsi Financiers represented by Ramoji Rao. They contended that the two Government Orders (GOs 800 and 801) appointing N. Rangachary and IPS officer Krishna Raju to look into the affairs of Margadarsi Financiers had the foundation in this Act. The Act provides for attachment of properties on default in respect of deposits in a financial establishment. The competent authority can order attachment of property and constitution of special court. The petitioner said that the State Government did not have the competency to frame this Act and therefore it was unconstitutional. The writ petition is likely to be listed in the first week of January before the appropriate Bench of the High Court.
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