SC asks Margadarsi to give details of depositors

NEW DELHI: The Supreme Court on Friday directed Margadarsi Financiers, owned by media baron Ramoji Rao, to furnish details of depositors who have received payments on maturity of their investments so as to enable the Andhra Pradesh government to verify their particulars.

It also ordered continuation of its interim order restraining the state government from either attaching or freezing the assets and properties of Margadarsi Financiers and its allied companies.

A Bench headed by Chief Justice K G Balakrishnan directed the finance company to give full names and addresses of depositors who have received payments and the details of those whose deposits have matured but the money still remained unclaimed.

It also asked the company to give details about whether the unclaimed amounts have been deposited in the escrow account.

While stating that Margadarsi had repaid its depositors, senior counsel Arun Jaitley said there was an apprehension that the depositors might be harassed by the state if their particulars were revealed to the state government.

State counsel Andhyarujina said the petitioner had violated the apex court's orders as it furnished incomplete statements without mentioning dates on which payments were made to individual depositors.

"Only bare names of the alleged depositors were given. It is impossible to verify the veracity of the claims without full description of the depositors whose money was either paid or remained unpaid," he said, adding even the particulars of the depositors whose money remained unclaimed were not given.