AgriGold given 2 weeks time to search for buyers for its properties

AgriGold given 2 weeks time to search for buyers for its properties
Highlights

The High Court at Hyderabad on Thursday gave two weeks time to AgriGold company management to come up with a buyer for two properties who would pay substantially higher than what was bid in the e-auction recently. It also made it clear that failure to do so would make the company lose the right to object to auction of properties on the ground of lower values.

Hyderabad: The High Court at Hyderabad on Thursday gave two weeks time to AgriGold company management to come up with a buyer for two properties who would pay substantially higher than what was bid in the e-auction recently. It also made it clear that failure to do so would make the company lose the right to object to auction of properties on the ground of lower values.

The division bench comprising of 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 AgriGold scam and return of depositors’ money.

The bench had during the last hearing asked for written affidavits by both the petitioners and the 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 monies fetched in the e-auction were satisfactory and asking the Court to consider if anyone else would come up with a higher offer.

The AgriGold management submitted an affidavit wherein they objected to the auction bids stating that the monies fetched were short of actual values by a range of 6 to 10 times. The bench questioned the company counsel if that was the case why could they not bring a single buyer at those price points.

Underlining that the company’s bona fides would be on test, it directed that within two weeks it must bring in other buyers for the two properties in Krishna district who would offer substantially higher amounts than what was bid in the e-auction.

The counsel for the petitioner submitted to the bench that the company was earlier also given opportunities to bring in buyers but it did not and was only trying to stall the 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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