Business

How Reliance saved Eenadu and 'Chairman' Rao

December 11, 2014 08:57 AM

The political and financial fights of Cherukuri Ramoji Rao, owner of Eenadu who once saw himself as the most powerful man in Andhra Pradesh, and how an RIL investment saved media magnate's endeavour 

In February 2007, N Rangachari, the adjudicator appointed to conduct the inquiry into Margadarsi, summarised his findings in a report. 

It said that the company, "as it stands today, will not be able to refund the public deposits in full because of its legal inability to raise any more deposits."

The company had shown assets of Rs 1316 crore, but was in debt for over twice that amount, to the tune of Rs 2685 crore. Margadarsi could only repay every creditor 49 paise to a rupee. 

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