The Margadarsi chit funds case is one of the dragged on politically motivated cases in Andhra Pradesh and there is a new development in connection with the same now.
The High Court has issued a stay order on the public notice issued by Chits Registrar.
Earlier, Chits Registrar issued a notice to the public, urging them to protest and express dissent over the ordinance to close all the chit groups.
The notice has now been put on stay by the High Court. The decision was taken earlier today and related order was passed.
The court hasn’t just stayed this notice, it has also decided to restrict all the subsequent developments that are a direct result of the same.
The court added that chit fund investors have lodged numerous cases already and all of them will be investigated in order to verify and determine the right judgment for this class action.
