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on 2008/10/13 9:27:22
The congress party MP from Rajamundry, Vundavalli Arun Kumar received a show cause notice from Ramoji Rao. Ramoji Rao filed a defamation case against Vundavalli for his comments on the Margadarsi Financiers.
Ramoji alleged that Vundavalli’s comments have hurt the creditability and business of the Margadarsi group. After the RBI sought explanation, Ramoji Rao had no option but to wind up Margadarsi Financiers. He gave an undertaking to the RBI that he will not collect fresh deposits from people.
Vundavalli is happy at the notice sent to him. Vundavalli himself is a lawyer and he feels that the notice will give him an opportunity to make all the irregularities in Margadarsi public.
We have to see if Ramoji Rao has made a mistake by filing a case against Vundavalli.
