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The AP high court on Wednesday issued stay order on all cases pending against Margadarsi and Eenadu group chairman Cherukuri Ramoji Rao and his daughter-in-law and Margadarsi MD Sailaja Kiran.
The court directed the AP police and the CID not to take any action against Ramoji Rao and Sailaja Kiran till further orders. Ramoji Rao had moved the AP high court against the CID’s fresh case against him based on the complaint given by one Gadireddy Uri Reddy.
Uri Reddy said that his father late Gadireddy Jagannadha Reddy, alias G J Reddy, had given Rs 5000 to Ramoji Rao in 1960 to start the Margadarsi Chit Fund Company. Ramoji Rao, in return, had given 80 shares to G J Reddy in those days.
Over the years, those 80 shares have become 288 shares, Uri Reddy said. After his father’s death, they tried to reach Ramoji Rao in vain. However, with the intervention of his ancestors in Gudivada, he could meet Ramoji Rao in 2016, Uri Reddy said.
It was then Ramoji Rao gave him some money and took his signatures on the blank papers. Later, he had transferred those shares of G J Reddy to Sailaja Kiran, Uri Reddy told the media and the AP CID officials.
Based on this complaint, the police have registered a fresh case against Ramoji Rao and Sailaja Kiran.
The court, after hearing the case on Wednesday, set the FIR aside and asked the police not to proceed further.
However, Ramoji Rao denied the charges levelled by Yuri Reddy. He alleged that Yuri Reddy had accepted all terms and conditions and had singed the papers for the transfer of shares from his father’s name to Sailaja Kiran’s name.
