SC Bench sets aside SLP against Telangana High Court judgment on Margadarsi Financiers

A Supreme Court Bench has dismissed a Special Leave Petition (SLP) filed against the Telangana High Court judgment, setting aside the criminal case registered against Margadarsi Financiers.

The Bench comprising Justice M.M. Sundaresh and Justice Prasanna Varale dismissed the SLP filed by Vundavalli Arun Kumar against the High Court judgment, Margadarsi Financiers (MF) said in a press note. The Supreme Court also questioned the locus standi of Mr. Kumar to file the petition. The senior counsel appearing on behalf of Margadarsi Financiers had submitted that more than ₹2,591 crore was already refunded to depositors of MF. Moreover, an amount of ₹5.23 crore remains safely secured and held in an Escrow account in case any other depositor comes forward for payment, it said.