Vijayawada: The Supreme Court has heard AP’s plea for a stay on the Telangana High Court’s direction against any action on the owners and employees of Margadarsi Chit Funds. The apex court served notices to the respondents and adjourned the case for the next hearing on July 18.

A vacation SC Bench of Justices Aniruddha Bose and Rajesh Bindal heard AP’s plea seeking transfer of a batch of petitions filed by MCFPL and others in Telangana High Court to the AP court.

Senior advocate Harish Salve on behalf of MCFPL opposed AP’s plea by saying the TS High Court was dealing with the case and the AP government, instead of filing an appeal, sought the transfer of the matter to AP

High Court.

However, AP’s contention is that FIRs were registered before the APCI against MCFPL for offences committed in AP under provisions of Chit Fund Act and AP Protection of Depositors, Financial Establishment ACt, 199 and IPC.

AP’s counsel submitted that as the offenses were committed within AP and were being investigated by the AP CID, it would be appropriate to transfer the matter to the AP High Court for hearing of the case.

Notably, the TS High Court issued an interim order restraining the AP authorities from taking any coercive step against the MCFPL, its management, employees and others.

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