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Esselgroup deposits 10 cr to carry out due diligence of AgriGold
The High Court at Hyderabad has directed the Essel-Zee Group’s Subhash Chandra Foundation to begin process of consultation with the Additional Director General of Police (CID), Andhra Pradesh government at CID headquarters at Mangalagiri in Guntur district between September 25 to 27.
Hyderabad: The High Court at Hyderabad has directed the Essel-Zee Group’s Subhash Chandra Foundation to begin process of consultation with the Additional Director General of Police (CID), Andhra Pradesh government at CID headquarters at Mangalagiri in Guntur district between September 25 to 27.
It has asked the Deloitte accounting firm, which is representing the Foundation in the court, to work out the schedule and modalities of examining the documents relating to AgriGold with the CID as part of due diligence exercise for takeover of the scam-tainted company. The court also suggested to Deloitte that the examination of documents be made on a daily basis from October 3 in order to avoid unnecessary delays.
The division bench comprising Justice V Ramasubramanian and Justice S V Bhatt gave these directions on Friday while hearing the Public Interest Litigation petition filed by the depositors and agents seeking a CBI probe into the scam.
Senior counsel for Deloitte Sri Raghuram informed the bench that its earlier direction of depositing Rs 10 crore to begin the exercise for takeover was complied with by transferring online the amount to the Registrar Judicial of the High Court.
After this submission, the bench directed the CID to allow the representatives of the firm to examine the documents in its custody as part of due diligence exercise. It also directed the Inspector General of Prisons, AP government, to facilitate meetings of the jailed company directors and officials with the team of Deloitte firm as part of this exercise as and when required.
The bench rejected the plea of Raghuram to allow them to publish notices seeking objections on the properties of AgriGold it intended to take over.
The bench pointed out that for the last nearly two years, it has been carrying out in various forms the sale of properties and till date no objections were received on any of the properties.Special Government Pleader for Andhra Pradesh Krishna Prakash submitted remarks on each of the 27 properties proposed by the PIL petitioners for auction in the next phase of sale. He also submitted an independent list of properties that can be put up for sale.
The bench directed the petitioner, the AgriGold company and the CID to come up with an agreed list of properties for sale in the next phase and also submit independently the likely market values each would fetch, so that the bench would decide the upset price and bid reserve price for them. It adjourned the case to October 10.
