Margadarsi Ownership Row: Yuri Reddy Moves SC Against Ramoji Rao

Challenging the Andhra Pradesh High Court stay on the FIR registered by the CID against the Margadarsi Chit Fund Private Limited (MCFPL) chairman Ramoji Rao and its MD Sailaja Kiran,  the complainant Gadireddy Yuri Reddy moved Supreme Court on Saturday. He filed a Special Leave Petition (SLP) against Ramoji Rao in the apex court. 

Last month, the high court had stayed all further proceedings for eight weeks against Rao and Kiran and asked the CID to file a counter affidavit in the matter. The CID had filed an FIR against the Margardarshi officebearers following a complaint from Gadireddy Yuri Reddy, son of Gadireddy Janardhan Reddy, the co-founder of MCFPL.

In his petition, Yuri Reddy alleged that their signatures were forged and wrongly transferred their rightful 288 shares in the company to Margadarsi MD Sailaja Kiran. JJ Reddy’s son appealed that Ramoji had cheated them and hence sought justice from the court and CID. He also alleged that Ramoji Rao had locked him into a room and threatened with a gun and thus forced to sign the empty stamp papers.

As per the reports, Margadarsi MD Sailaja Kiran possessed only 100 shares of Margadarsi Chit Funds until 2017 whereas JJ Reddy had 288 shares. Only after the above “illegal” and “forceful” transfer of shares, Sailaja Kiran’s shares in Margadarsi went upto 388 shares.

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