AP High Court Directs Margadarsi Chit Funds To Respond To Notices

AMARAVATI: The Andhra Pradesh High Court on Monday clearly stated that Margadarsi Chit Fund Private Limited should respond to the notices served by the designated registrars over the irregularities in the firm. The court directed Margadarsi to respond to the notices within four weeks and posted the matter for further hearing on January 19, 2023.

The court said the officials should act in a fair manner in accordance with Section 46(3) of the Chit Fund Act after the Margadarsi Chit Fund company’s response to the notices. Justice S Subbareddy was hearing the supplementary petitions filed by Margadarsi seeking court intervention to instruct the officials from imposing penalties against it. After hearing both the sides directed officials not to resort to coercive acts against the chit-fund company.

Justice D Ramesh of Andhra Pradesh High Court on December 21 had recused himself from hearing a petition filed by Margadarsi Chit Fund Private Limited and directed the registry to forward the case to the Chief Justice for allotment to another judge.

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