Hyderabad: The Telangana High Court has ordered Margadarsi Financiers to provide data regarding its depositors and details of repayments to former Congress MP Vundavalli Arun Kumar by December 15.
This directive was issued by a bench comprising Justice Sujoy Paul and Justice Namavarapu Rajeshwara Rao during a hearing concerning allegations against Margadarsi Financiers for illegally collecting deposits from the public. Vundavalli is the complainant in this case.
Senior counsel Sidhartha Luthra, representing Margadarsi, opposed the request, arguing that disclosing personal data is not permissible under the Information Technology Act.
However, the bench noted that the company had previously provided Vundavalli with this information in physical form at the Supreme Court, and his current request is merely for the same data in a digital format.
The court emphasized that Vundavalli must use this information solely for purposes related to the ongoing case.
Additionally, the bench permitted the legal heirs of Margadarsi’s late founder, Ramoji Rao, to intervene in the proceedings to argue for the quashing of the criminal case against the firm.
The court has instructed both Telangana and Andhra Pradesh governments to submit their responses within four weeks and set January 3, 2025, for a final hearing.
Margadarsi’s counsel stated that over Rs 2,500 crore has been repaid to depositors, with only Rs 5 crore remaining unclaimed in an escrow account.
Vundavalli expressed his desire to obtain details about these unclaimed deposits.
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