Eenadu and Margadarsi Groups chairman Cherukuri Ramoji Rao is accused of spreading falsehoods regarding the transfer of shares originally owned by the late industrialist Gadireddi Jagannadha Reddy, popularly known as G J Reddy.
In 1960, G J Reddy had given Rs 5000 to Ramoji Rao to establish Margadarsi Chit Fund Private Limited. In return, Ramoji Rao had initially issued 80 shares to G J Reddy, which eventually increased to 288 shares over the years.
After G J Reddy’s passing, his family attempted to contact Ramoji Rao but faced difficulties as he had become a prominent figure in the country.
In 2016, some intermediaries from Gudiavada facilitated a meeting between G J Reddy's children and Ramoji Rao in Hyderabad.
During this meeting, Ramoji Rao paid Rs 39.74 lakh to G J Reddy's family members. He then obtained the signatures of G J Reddy’s son, Yuri Reddy, on blank papers, under disputed circumstances.
Subsequently, Ramoji Rao used these signatures to transfer the 288 shares to Margadarsi's Managing Director, Sailaja Kiran.
Ramoji Rao admits to these actions, except for the use of force or coercion to obtain Yuri Reddy’s signatures on the blank papers. He claims that the share transfer was carried out with Yuri Reddy’s consent and denies any use of force.
Given Ramoji Rao’s business background, it is questionable whether he acquired Yuri Reddy’s signatures without coercion.
Many in Andhra Pradesh are skeptical about the fairness of Ramoji Rao’s dealings in Margadarsi.