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Subhash Chandra Foundation directed to file affidavit
The High Court at Hyderabad on Thursday expressed severe disappointment at the way the Subhash Chandra Foundation (Essel-Zee group) was going about conducting the due diligence exercise for takeover of scam-tainted AgriGold company.
Hyderabad: The High Court at Hyderabad on Thursday expressed severe disappointment at the way the Subhash Chandra Foundation (Essel-Zee group) was going about conducting the due diligence exercise for takeover of scam-tainted AgriGold company. It observed that the entire process seems to be shrouded in darkness with no clear picture emerging despite time granted from the last hearing on December 12.
The court also directed the Foundation to file a detailed affidavit by January 25, stating concretely as to how many documents they had vetted from the AgriGold company and from the AP CID and how many more they have to examine. It made it clear that it would not go on granting additional time and wanted the Foundation to express clearly its intention about taking over the company.
The division bench comprising of Justice V Ramasubramanian and Justice S V Bhatt gave these directions on Thursday, while hearing the Public Interest Litigation petition filed by Telangana AgriGold Depositors and Agents Welfare Association, seeking a CBI probe into the scam and return of depositors monies.
Senior counsel Raghuram appearing for the intervenor Subhash Chandra Foundation informed the court that they had not yet reached a stage in their due diligence exercise where they can clearly state whether they can go ahead with the takeover or not. He said there is a requirement of many more documents from the AgriGold company.
The bench expressed disappointment and said at least an affidavit should have been filed stating clearly what work was done from December 12 to this day and what were the hurdles. Merely seeking further time to state their intention would not be allowed, it stated when the senior counsel for AgriGold company sought time till March 6 to get a clear picture.
The bench directed the intervenor to file a detailed affidavit with complete details about the exercise by January 25 and also directed the AgriGold company to file an affidavit indicating how many meetings were held with the intervenor and how many documents provided and yet to be provided. The case was adjourned to January 25.
Meanwhile, in the other Akshaya Gold case hearing, the division bench directed the senior counsel S S Prasad, appearing for the jailed director Bhogi Subramanian, to clearly come out with the details of the proposed investor or investors along with their credentials for takeover of the company by February 8 to which date the hearing of the case was adjourned.
