In a startling turn of events, The Andhra Pradesh Crime Investigation Department (APCID) has recently lodged a fresh case against Margadarsi Chit Fund Pvt. Ltd. (MCFPL) Director Cherukuri Ramoji Rao and his daughter-in-law, Managing Director of Margadarsi Chit Funds Pvt. Ltd, Cherukuri Sailaja Kiron. The case, based on a complaint filed by Gadireddy Yuri Reddy from Hyderabad, accuses the company’s top executives of forging the signature of a shareholder and illegally transferring shares under duress.
Background & Allegations
According to the complaint, Yuri Reddy’s father, G. Jagannadha Reddy, became a Promoter Director in MCFPL through his initial investment of ₹5,000 on August 31, 1962. Over the years, his shareholding increased, documented as 288 shares in the balance sheets filed with the Registrar of Companies for 2014. Yuri Reddy, upon discovering these investments in 2014, approached Margadarsi’s leadership in 2016, requesting the transfer of his late father’s shares.
Yuri Reddy contends that when he approached Ramoji Rao, the latter handed over a cheque for ₹39,74,400, claiming it represented dividends for the financial year 2007-08. Reddy requested the transfer of dividends for subsequent years, to which Rao agreed, though vaguely. Reddy and his brother were then allegedly coerced into signing an affidavit, and when they hesitated, Ramoji Rao purportedly threatened them at gunpoint, forcing them to comply. The affidavit, prepared on a ₹100 stamp paper, stated that Reddy’s brother had no objections to the transfer of shares. Reddy claims that the SH4 form they were coerced into signing did not specify the transferee’s name and date.
Reddy further asserts that the shares, valued at ₹1,59,69,600 as of 2016, were forcibly transferred in Sailaja Kiron’s name through forgery and coercion. He states that he has not cashed the cheque and has no intention of transferring the shares, emphasizing his refusal to succumb to the alleged illegal tactics employed by the accused.
Status
The CID has taken cognizance of Reddy’s serious allegations, leading to the filing of the FIR against Cherukuri Ramoji Rao and Cherukuri Sailaja Kiron. The investigation is now underway, aiming to unearth the truth behind the claims and bring any perpetrators to justice.
The Margadarsi Chit Fund scandal, marred by allegations of coercion and forgery, sheds light on the imperative need for transparent corporate practices and ethical conduct. As the legal process unfolds, it will not only determine the guilt or innocence of the accused but also serve as a reminder of the importance of upholding integrity and fairness within the corporate sector. The case stands as a testament to the determination of individuals like Yuri Reddy, who seek justice and accountability in the face of alleged corporate misconduct.
