Get buyer for assets, HC tells AgriGold

Law and Justice
Law and Justice

HYDERABAD: The High Courton Thursday gave two weeks to the AgriGold company management to come up with a buyer for two properties who would pay substantially more than the recent e-auction bid price.

The division bench comprising Justice V Ramasubramanian and Justice S V Bhatt gave this direction while hearing a Public Interest Litigation filed by Telangana AgriGold Customers and Agents Welfare Association seeking a CBI probe into the AgriGold scam and the refund of depositors money. The bench which initiated the court-monitored auction of the scam-hit company had asked for written affidavits by both the petitioners and Agrigold company recording their views on the four properties that fetched monies in the e-auction.

The petitioners submitted an affidavit stating that their inputs showed that the money fetched in the e-auction was satisfactory and left it to the court the issue of people coming up with higher offers. The AgriGold management submitted an affidavit wherein they objected to the auction bids stating that the money fetched were short of actual values by six to 10 times.

The bench then questioned the company’s counsel that if that was the case why could the company not bring a single buyer at those price points. Underlining that the company’s bonafide would be on the test, it directed that within two weeks it must bring in other buyers for the two properties in Krishna district. The counsel for the petitioner reminded the bench that the firm was given opportunities to bring in buyers but it did not and was trying to stall auction process. The bench made it clear that failure by the company this time would result in it losing the right to object on the valuations of properties in the coming period. The bench adjourned both AgriGold and Akshaya Gold cases to July 28.

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