Financial Daily from THE HINDU group of publications
Friday, Jul 16, 2004
Financial Daily from THE HINDU group of publications Friday, Jul 16, 2004 |
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Money & Banking
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NBFCs 91 cases against Nagarjuna Finance Our Bureau
Hyderabad, July 15 A TOTAL of 91 cases have been registered against Nagarjuna Finance Ltd (NFL) on the complaints lodged by individual depositors before the police and the courts in Hyderabad, the State Home Minister, Mr K. Jana Reddy, informed the Andhra Pradesh Assembly. The Commissioner of Police, Hyderabad has been directed to complete the investigation within six months and file charge sheets, the Minister said in response to a question by Mr Malreddy Ranga Reddy. Mr Jana Reddy said the Andhra Pradesh High Court had granted stay orders not to arrest the accused persons in all cases. Counter affidavits have been filed and efforts were on to vacate the stay orders. The Andhra Pradesh Protection of Depositors of Financial Establishments Act, 1999 is not applicable in these cases, since the Act as amended by Act No. 12/2003 bringing the companies registered under the Companies Act, 1956 under the purview of this Act came into force only on 6-11-2003, i.e. after the registration of these cases, the Minister informed the House.
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