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Saturday, Dec 01, 2007
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“Rs. 2,600 cr. transferred to unknown accounts” What happened to Rs. 1,600 crore collected as deposits? New Delhi: The Supreme Court on Friday issued notice to Margadarsi Financiers on an application filed by the Andhra Pradesh government to vacate the interim order restraining it from attaching the property or freezing the accounts of the company pursuant to a show-cause notice issued under the Andhra Pradesh Protection of Depositors of Financial Establishment Act. After hearing T.R. Andhyarujina, senior counsel for the State, a Bench asked senior counsel P.H. Parekh, appearing for Margadarsi, to file its response in four weeks and directed that the matter to be listed for February 2008. Chief Justice K.G. Balakrishnan and Justice R.V. Raveendran were on the Bench. The government said Margadarsi had informed the court that it was making efforts to raise money for repaying depositors. Though three months had elapsed, no detail of the progress in this direction was forthcoming. It was mentioned that the petitioner had entered into an agreement with Black Stone FP Capital Partners (Mauritius) V Limited and it was expecting Rs. 1,217 crore, and that this money would be utilised to meet the liability arising from public deposits. It was further stated Standard Chartered Bank had sanctioned a term loan of Rs. 827 crore and this amount was utilised for payment into the petitioner’s account. The government alleged that it reliably learnt that the petitioner had transferred Rs. 2,600 crore to unknown bank accounts, the details of which were kept a secret. The application pointed out that the petitioner in every statement had been saying there was an investment of Rs. 1,000 crore. But it did not disclose what happened to the balance amount of Rs. 1,600 crore collected as deposits from the general public. Nor did the petitioner mention the present status of and profits from its various business enterprises. The application sought a direction to vacate the April 20 interim order; and to direct the petitioner to disclose details of its transactions in the accounts with the United bank of India, Saifabad branch, Hyderabad, and to furnish details of transactions and balance in its accounts with various banks in Hyderabad.
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