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AP CID submits value of Akshaya Gold properties

AP CID submits value of Akshaya Gold properties
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The CID of Andhra Pradesh on Monday submitted to the High Court at Hyderabad the values of over 320 properties belonging to Akshaya Gold company.

Hyderabad: The CID of Andhra Pradesh on Monday submitted to the High Court at Hyderabad the values of over 320 properties belonging to Akshaya Gold company.

These values include both the sub registrar valuation and reasonable market value. Special Government Pleader Krishna Prakash submitted these values in the form of a report to the division bench comprising of Justice V Ramasubramanian and Justice S V Bhatt during the hearing of a PIL petition by Akshaya Gold Customers and Depositors Welfare Association seeking a CBI probe into the hundreds of crores of rupees scam.

The government counsel informed the bench that the purchase value of around 270 of these properties was Rs 26 crore while the sub registrar value now was Rs 38.7 crore. The reasonable market value of these 270 properties would be around Rs 92 crore.

Both the counsel for the petitioner and the senior counsel for implead petitioner sought some more time to come out with market values of these properties. Implead petitioner P A Christopher stated that a company was interested in taking over Akshaya Gold along with its liabilities and assets. The bench reminded the senior counsel that it had during previous hearing itself directed the implead petitioner to come up with the values for these properties. It granted further time till next hearing on March 20.

Earlier, during the hearing on Agrigold scam, the division bench asked the implead petitioner Subhash Chandra Foundation (Essel-Zee group) to inform whether a key managerial person of the group would have a meeting with the management of Agrigold company as sought by that company.

It also directed the Agrigold company to inform whether it has given all the documents being sought by implead petition and whether any more still remain to be given. The bench adjourned the case to March 20.

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