Date:03/01/2007 URL: http://www.thehindu.com/2007/01/03/stories/2007010306600800.htm

Andhra Pradesh

HC adjourns Margadarsi case to Feb.19

Legal Correspondent

HYDERABAD: A Division Bench of the Andhra Pradesh High Court on Tuesday said that it was not granting stay of further proceedings proposed against Margadarsi Financiers as no affidavit was filed to support relief of stay.

But the bench ordered notices on admission the writ petition filed by Margadarsi Financiers wherein the constitutional validity of Andhra Pradesh Protection of Depositors of Financial Establishments Act, 1999 was challenged. The petitioner complained that two GOs were issued appointing officers to conduct inquiry under this Act.

It was contended that the Act is unconstitutional. The bench adjourned the matter to February 19.