AgriGold liquidation process- High Court unhappy over delay

Thursday, January 18, 2018

A Division Bench of the Hyderabad High Court comprising Justice V.Ramasubramanian and Justice S.V.Bhatt today expressed displeasure over the slow pace in which the verification of documents of AgriGold consortium companies is being done by Subhash Chandra foundation of Essel-Zee Group.

The group wanted to take over the whole business of AgriGold consortium companies and the court permitted its representatives to verify all the documents. The Bench was dealing with cases filed by depositors of AgriGold Consortium complaining that the money was not paid and that the government failed to take steps as per law.

While the case was in progress, the Subhash Chandra foundation came forward to take over the whole business and pay money for this which would facilitate the payment of monies to depositors. The Bench directed the police and other officers to cooperate with the foundation so that the due diligence was done effectively and expeditiously. The court has given detailed orders in December which would facilitate the verification. The Bench today felt that there was no progress at all. The Bench adjourned the case to January 25.

The Bench that is also dealing with Akshay Gold Company case said that unless the details of proposed buyers are disclosed it will not entertain the applications for take over the company etc.,

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