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AgriGold properties worth Rs.100 crore to be auctioned

Thursday, December 31, 2015
Hyderabad

AgriGold properties worth over Rs.100 crore will be up for public auction between January 22 and February 2, 2016.

A Division Bench of the High Court comprising of Acting Chief Justice Dilip Baba Saheb Bhosale and justice S.V.Bhatt dealing with the case was informed by the Andhra Pradesh State Government that the police had not made any arrests so far as the consortium are cooperative to the investigations.

The Division Bench had constituted a committee headed by a retired judge to sell the companies’ properties and distribute them to depositors. The committee through its counsel submitted a full-fledged report to the Court. They informed the Court that three firms were identified for conducting e-auction and terms and conditions were being finalized. The Bench permitted the process of auctioning six properties.

The Court asked AgriGold to open a new bank account in the name of Registrar Judicial, High court to receive the auction money and make payments to the depositors. The six properties that form the first set of properties to be auctioned spread over Andhra Pradesh, Karnataka and Telangana. The Bench adjourned the case to February 8, 2016.


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