AP High Court posts Ramoji Rao's quash petition in illegal transfer of Margadarsi shares case to Wednesday

AMARAVATI: The hearing of Ramoji Rao and Sailaja Kiron's quash petition in the AP High Court in the alleged threatening and illegal transfer of shares case was adjourned to Wednesday.

Yuri Reddy, the son of Gadireddy Jagannath Reddy, one of the founders of Margadarsi Chit Funds, has filed a complaint with the AP CID, that his shares in Margadarsi were transferred to Sailaja Kiron's name using forged signatures and documents.

He claims that he was forced to transfer the shares at gunpoint. An FIR was registered under Sections 420, 467, 120-B, read with IPC section 34 registered against Ramoji Rao as A-1 and Shailaja Kiron as A-2.

However, Ramoji Rao and Sailaja filed a quash petition in the High Court challenging the CID FIR. The CID counsel told the court that it would not take any strict action against Ramoji by Wednesday to which the High Court has stated that the arguments from both sides will be heard.

Supreme Court advocate Siddhartha Luthra who was arguing on behalf of Nara Chandrababu in the skill development case was the counsel for Ramoji and Sailaja.

Yuri Reddy claimed that there were shares in Margadarsi Chit Funds in his late father's name and stated that his father invested Rs. 5,000 when Margadarsi started the chit fund in 1962, which resulted in him having 288 shares. He further mentioned that his father passed away in 1985 and asserted that he along with his brother Martin Reddy went to enquire about their father's shares after learning from the media that GJ Reddy had shares in Margadarsi.

Yuri Reddy alleged that Ramoji locked them in a room and threatened them with a gun. Subsequently, when they checked the Registrar of Companies office, they discovered that not a single share was in their name. They found that the 288 shares in Yuri Reddy's name had been transferred to Sailaja Kiron's name in 2016.

It is learned that Yuri Reddy's signatures were forged and his shares were unlawfully transferred. As a result, Yuri Reddy filed a complaint with the AP CID, leading to the registration of an FIR. Cherukuri Ramoji Rao was named A-1, and Sailaja Kiron was named A-2 in the FIR.

According to advocate Sivaram Reddy representing Yuri Reddy, Margadarsi Chit Funds was established in 1962 by GJ Reddy, the founder and promoter. Ramoji Rao invested Rs. 5,000 in Margadarsi Chit Funds.

He said that GJ Reddy passed away in 1985, and Yuri Reddy was unaware of their shares in Margadarsi. Sivaram Reddy said that Yuri Reddy and his brother came to know in 2014 about the existence of GJ Reddy's shares totaling 288 in Margadarsi. A check with the Registrar of Companies confirmed the existence of these shares.

The advocate said that from 1995 to 2016, Sailaja Kiron held only 100 shares, while Yuri Reddy held 288 shares and alleged that GJ Reddy's shares were transferred forcibly to Sailaja Kiron without his consent. It is alleged that Yuri Reddy's shares were illegally transferred to Sailaja Kiron by threats and forgery. Sivaram Reddy stated that a case was registered on October 13 after Yuri Reddy complained to the CID.