Supreme Court Dismisses Plea Against Margadarsi Financiers in Criminal Case

A Supreme Court Bench has dismissed a Special Leave Petition (SLP) filed against the Telangana High Court judgment that set aside a 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 challenging the earlier ruling of the High Court, Margadarsi Financiers announced in a press note.

During the proceedings, the Supreme Court questioned the locus standi of Mr. Kumar in filing the petition against the High Court order.

Senior counsel representing Margadarsi Financiers submitted before the court that more than ₹2,591 crore had already been refunded to the depositors of the firm.

Furthermore, the counsel submitted that an additional amount of ₹5.23 crore remains safely secured and held in an Escrow account to ensure disbursement in the event that any other depositor comes forward for payment.