Hyderabad: Andhra Pradesh Chief Minister Y S Rajasekhara Reddy said that the state may favour speedy inquiry into allegations of financial impropriety against Margadarsi Financiers. A political row has been kicked off in the state after such allegations were made by Rajahmundry Congress MP Aruna Kumar Vundavalli.
Speaking to reporters in New Delhi after meeting finance minister P Chidambaram, the chief minister said, "Aruna Kumar has made basically two allegations. One that Margadarsi Financiers is collecting deposits in contravention of the law and the second that the firm is losing Rs 250 crore every year and that the profits of all group companies put together are not more than Rs 30 to 40 crore which raises issues of liquidity.
Every year, heavy deposits are being mobilised to cover its losses. This issue figured in my meeting with Chidambaram."
The chief minister also said, "It is basically for the Government of India and the RBI to take appropriate action in such situations. The state government has little role in such cases. But when Prudential Bank collapsed, there was lot of pressure on us from depositors. Hence, we want the RBI to take appropriate action as per law to protect the interests of depositors. The finance minister told me that the issue has been brought to his notice and that it is being examined".
No comments:
Post a Comment