HC ordered to auction the properties of Agri Gold Company and return the money received to the investors
Hyderabad High Court
Hyderabad: The Hyderabad High Court on Friday constituted a three-member committee, headed by a retired judge of the High Court, and one member each from AP and Telangana states, to monitor the auction of properties of Agri Gold Company and return of the money received through the auction to the investors.
A Division Bench, comprising Acting Chief Justice Dilip B. Bhosale and Justice S. V. Bhatt, was giving an interim order by appointing the committee in a PIL by the Telangana Agri Gold Customers and Agents Welfare Association, represented by A. Ramesh Babu. The PIL sought a probe either with the CBI or ED into the scam. The petitioner told the court that about 32 lakh persons had deposited Rs 7,000 crore with the company.
Permitting the C1 India Private Ltd. to conduct e-auctioning of the identified properties of the company, the bench said that it would issue necessary guidelines on October 26 and announce the name of the retired judge on October 12. The bench cautioned the Agri Gold management and the company holding the auctions and other parties concerned that they will face Contempt of Court if there was any breach of undertaking or the statement by the parties concerned.
The bench allowed the CI India Pvt. Ltd. to first auction six properties out of the 14 identified by the company and all the sale proceeds will be deposited in a bank account to be opened exclusively for the purpose in the name of the High Court Registrar. The bench said that advocate P. Ravi Prasad will represent the three-member committee before the court to seek instruction whenever the panel requires and to appraise the status of auction to it. While adjourning the case, the bench made it clear that the interim order will not refrain the CID from carrying out its probe and initiate any kind of action against the guilty.
Ex-minister’s son gets 2 yrs jail in cheque bounce case:
YSR Congress leader and former minister P. Vishwarup’s son P. Krishna Reddy was on Friday convicted in a cheque bounce case by a local court and sentenced to two years’ imprisonment and a fine of Rs 20 lakh under Section 138 of Negotiable Instruments Act. N. Vijayalakshmi, the petitioner, had alleged that the cheque given by Krishna Reddy as part of a business deal had bounced. In 2013, Krishna Reddy was arrested in an assault case. He had allegedly assaulted his business partner following a financial dispute.
( Source : deccan chronicle )
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