Ramoji Rao Threatened Us With Gun: Margadarsi Co-Founder’s Son

In a shocking development, Gadireddy Yuri Reddy, the son of Gadireddy Janardhan Reddy, the co-founder of Margadarsi Chit Funds, has levelled serious allegations against partner Ramoji Rao. Yuri Reddy alleged that Ramoji Rao had locked him into a room and threatened with a gun and thus forced to sign the empty stamp papers. In his complaint, Yuri Reddy alleged that their signatures were forged and wrongly transferred their rightful 288 shares in the company to Margadarsi MD Sailaja Kiran. JJ Reddy’s son appealed that Ramoji had cheated them and hence sought justice from the court and CID. Yuri Reddy along with his advocate Sivarami Reddy briefed media in Vijayawada. He explained how the shares were transferred illegally and immorally.

Yuri said their woes continued after their father JJ Reddy passed away. Yuri along with his elder brother Martin Reddy have tried contacting Ramoji Rao for their rightful shares but in vain. He said in 2016 they have finally met Ramoji Rao in Hyderabad. A cheque was issued to  them in the form of Dividend for their shares. However, when the Reddy brothers had asked for their shares certificates they were taken inside a room where they were threatened and made them sign on empty stamp papers to get their shares transferred. The victims said they had forcibly signed stamp papers at gun-point. According to Yuri Reddy, this took place in Ramoji Rao’s place where all men belonged to him.

Even as per the Companies Act, 2013 the transfer of shares in private company involves three steps  1. Offer 2. Acceptance 3. Consideration. The complainant Yuri Reddy alleges that their shares transfer was not legal as the above steps were not followed in any manner. He said there was no offer from their end as they had not intended to sell their shares in Margadarsi and two there was no Acceptance for the offer as there was no Offer made in the first place and the third and most importantly there was no financial benefit or transfer took place from the buyer to seller. Yuri Reddy alleged that Ramoji Rao’s version of buying our shares in Margadarsi Chit Funds is totally baseless and full of lies.

As per the reports, Margadarsi MD Sailaja Kiran possessed only 100 shares of Margadarsi Chit Funds until 2017 whereas JJ Reddy had 288 shares. Only after the above “illegal” and “forceful” transfer of shares, Sailaja Kiran’s shares in Margadarsi went upto 388 shares. The victims Yuri Reddy demanded justice and he said they have belief in judiciary and the administration.