Vijayawada: The AP government is seriously considering a proposal to give the assets of scam hit Agrigold Company to Essel Group, which owns the Zee media bouquet, in a bid to raise funds to pay depositors.
The general administration department has submitted the status report on the matter and Chief Minister N. Chandrababu Naidu at Saturday’s Cabinet meeting directed officials to pursue the proposal.
About 150 depositors who were defrauded by Agrigold have reportedly committed suicide. Their families, and another 36 lakh depositors are awaiting the return of their money. The High Court is hearing the matter.
Essel group had earlier approached the High Court and intimated its interest in taking over the assets and liabilities of Agrigold. The court ordered the company to deposit Rs 100 crore to initiate the process of due diligence.
Agrigold has to pay Rs 6,400 crore to its victims. Earlier, Agrigold chairman had stated that the company had assets worth Rs 25,000 crore. Essel group claims a net worth of Rs 22.535 crore.
Minister Somireddy Chandramohan Reddy said the government’s intention was to provide justice to victims at the earliest. “We are pursuing the best proposals and the government is exercising on disposing the issue at the earliest with legal perspectives,” he said.
Advocate Sravan Kumar, who is working for the Agrigold Customers and Agents Welfare Association, wanted other firms in the same business as Agrigold to bid for its assets along with Essel.
