AgriGold case: Notices served to Telangana, AP governments

Telangana High Court
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AgriGold case: Notices served to Telangana, AP governments

Highlights

A High Court division bench comprising of Justices MS Ramachandra Rao and Amarnath Goud on Tuesday heard the plea filed by Telangana AgriGold Customers And Agents Welfare Association represented by its president Andalu Ramesh Babu seeking to direct the Telangana and AP governments to appoint a committee to conduct sale/auction of properties owned by the AgriGold Farms Limited to mobilise the money to return to the depositors

Hyderabad: A High Court division bench comprising of Justices MS Ramachandra Rao and Amarnath Goud on Tuesday heard the plea filed by Telangana AgriGold Customers And Agents Welfare Association represented by its president Andalu Ramesh Babu seeking to direct the Telangana and AP governments to appoint a committee to conduct sale/auction of properties owned by the AgriGold Farms Limited to mobilise the money to return to the depositors.

The High Court bench, however, dismissed the interim pleas filed to allow one-time settlement with banks and allow them to sell attached assets.

Senior Counsel for AgriGold L Ravichander informed the court that they have recently applied for permission to develop 23 assets through joint ventures in 15 to 60 months and raise Rs 2,040 crore and deposit Rs 105 crore in advance in a court account.

The High Court has issued notices to Telangana and Andhra Pradesh governments, Union Finance Ministry, Enforcement Directorate, concerned banks and petitioner Andalu Ramesh Babu to submit reply affidavits on AgriGold application.

Further, the AP Counsel Samson said that the Telangana High Court would report to the Chief Justice tomorrow to transfer the trial of the AgriGold case to the Amravati High Court through the AP Advocate General.

The bench of Justice MS Ramachandra Rao has already clarified that the Chief Justice has the power to give administrative directions as it is not possible to give legal directions on the transfer of the AgriGold case. The matter has been adjourned to next week as the Chief Justice of the Telangana High Court is likely to take a decision on the transfer of the case.

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