In a significant legal development, the Telangana High Court has mandated Margadarsi Financiers to provide former Congress MP Vundavalli Arun Kumar with data regarding depositors and repayment details by December 15. This directive comes amid allegations of the firm's illegal collection of public deposits.
The bench, comprising Justice Sujoy Paul and Justice Namavarapu Rajeshwara Rao, made this interim ruling while reviewing a case previously remanded by the Supreme Court. Vundavalli, the complainant, has been seeking access to this information, which was earlier provided in physical format but is now requested in a digital format.
Despite opposition from Margadarsi's counsel, who cited the Information Technology Act's restrictions on personal data disclosure, the court emphasized the necessity of the data for Vundavalli's legal proceedings. The court also allowed the legal heirs of the late founder, Ramoji Rao, to join the case in an effort to quash the criminal charges against the firm.
Margadarsi's representatives claimed that they had repaid over 2,500 crore to depositors, with only 5 crore remaining unclaimed in an escrow account. Vundavalli is particularly interested in the identities of depositors who have not claimed their funds.
The next hearing is scheduled for January 3, 2025, with the Telangana and Andhra Pradesh governments required to submit their counters within four weeks.