The prolonged legal battle by senior politician and former MP Vundavalli Arun Kumar against the Margadarsi Group, founded by late media baron Ch. Ramoji Rao, has come to an end, with the Supreme Court dismissing his petition against the company.
A bench comprising Justice M.M. Sundresh and Justice Prasanna B. Varale conducted the final hearing on the Special Leave Petition (SLP) filed by Vundavalli against the Telangana High Court’s verdict in favour of Margadarsi Financiers in the long-running dispute over the financial institution.
Senior advocates Siddharth Luthra and Nagamuthu appeared for Margadarsi.
During the hearing, counsel representing Margadarsi informed the Supreme Court that around Rs 2,500 crore had already been returned to depositors.
They further submitted that an amount of Rs 5.23 crore relating to unclaimed funds was still pending and had been deposited in an escrow account.
Margadarsi’s counsel also told the court that the Telangana High Court had acted in accordance with directions issued by the Supreme Court.
Following the apex court’s directions, a public notice had been issued and the subsequent process was carried out, they submitted.
During the proceedings, the bench questioned Vundavalli’s locus standi in pursuing the matter. The court asked why he was seeking to continue the legal battle over the Margadarsi issue.
Justice Sundresh observed that, when the case was examined from the beginning, the dispute appeared to be more personal in nature rather than involving any larger public issue.
The judge further remarked that the more Vundavalli argued the case, the more questions were being raised against him.
After hearing arguments from both sides, the bench dismissed his SLP.
The dismissal brings the Supreme Court proceedings initiated by Vundavalli Arun Kumar in the Margadarsi matter to an end.
The case had attracted considerable attention over the years, as Vundavalli had repeatedly raised allegations and legal challenges relating to the functioning of Margadarsi Financiers and the protection of depositors’ interests.
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