Unnamed company to deposit Rs 100 crore

Unnamed company to deposit Rs 100 crore
Highlights

The High Court at Hyderabad has asked the counsel for an unnamed company proposing to take over the assets and liabilities of scam-tainted AgriGold firm to deposit Rs 100 crore with the court to show its bona fides. Once the deposit is made, the court will grant it time to do due diligence for taking over the AgriGold company.

Hyderabad: The High Court at Hyderabad has asked the counsel for an unnamed company proposing to take over the assets and liabilities of scam-tainted AgriGold firm to deposit Rs 100 crore with the court to show its bona fides. Once the deposit is made, the court will grant it time to do due diligence for taking over the AgriGold company.

The division bench comprising Justice V Ramasubramanian and Justice S V Bhatt made this suggestion while hearing the PIL petition filed by Telangana Agrigold Customers and Agents Welfare Association seeking a CBI probe into the scam and return of depositors’ monies.

During the last hearing, senior counsel Raghuram appearing for an unnamed company informed the bench that the company is interested in taking over the assets and liabilities of AgriGold company after conducting due diligence. During Wednesday’s hearing when the counsel informed the bench that a dossier had been prepared on AgriGold assets and liabilities by two teams of chartered accountants and lawyers, the bench reacted with scepticism.

It observed that due diligence process could take six months or more and there is no guarantee that it would not get bogged down due to lack of documents or due to possession issues relating to the properties. The bench observed that nearly 32 lakh depositors are keenly waiting and watching the proceedings of the court for relief.

By Legal Correspondent

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