Margadarsi Case: Telangana High Court's Key Comments!

November 4, Hyderabad: The Telangana High Court proceedings concerning Margadarsi Financiers have drawn significant attention. Siddharth Luthra, the lawyer representing Margadarsi, requested the court to issue directives to Undavalli Arun Kumar to not disclose details to the media. However, the High Court bench rejected this request, stating it could not issue such orders without conducting an investigation.

Undavalli Arun Kumar expressed disappointment over the conduct of Margadarshi's lawyer, Siddharth Luthra. He emphasized that while they are cooperating with the High Court as per the Supreme Court's directions, it is important to remember that they do not represent any single party.

It has been over three months since the matter was discussed with the media, and Arun Kumar expressed dismay at what he deemed unacceptable behavior from Margadarsi's lawyer. The bench took into account comments made by Undavalli and clarified to Luthra that no orders could be issued without a proper inquiry. The next hearing has been postponed to Thursday, and both Luthra and Arun Kumar are expected to appear in person for the proceedings.

During the September 2024 court proceeding, the Telangana High Court directed the Registry to assess whether Margadarshi Financiers' management had refunded deposits to all depositors or defaulted on any payments. The court emphasized that notices should be issued for extensive publication in Telugu, Hindi, and English newspapers.

The bench, which included Justice Sujoy Paul and Justice Namavarapu Rajeshwar Rao, also suggested that former MP Undavalli Arun Kumar file an affidavit seeking the details of the depositors. Based on this affidavit, the court would issue further directions to Margadarshi. Additionally, the court ordered the governments of Andhra Pradesh and Telangana to file their counter-affidavits within two weeks.