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on 2007/3/14 23:19:12
It was a double setback for Eenadu chief Ramoji Rao. The session’s court at Nampally in Hyderabad struck down his petition to stall the CID searches at Margadarsi Financiers offices in the state.
In a related development, the Foreign Investment Development Board did not take any decision on the proposal by Blackstone to bring in about 1,200 crore as equity in ETV and Ramoji film city.
This is a severe setback as Ramoji Rao now faces a liquidity crunch with the firm now has been barred from accepting fresh deposits.
The Margadarsi Financiers has collected over 2,600 crore as deposits in violation of the RBI guidelines. Of this, the firm has reported a loss of 1,100 crore.
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