Nation Current Affairs 14 Jul 2017 Agri Gold Group of C ...

Agri Gold Group of Companies told to find buyer by Hyderabad High Court

DECCAN CHRONICLE.
Published Jul 14, 2017, 4:01 am IST
Updated Jul 14, 2017, 4:01 am IST
The bench asked counsel for the company that if that was the case why it could they not find a single buyer at those price points.
Agri Gold Group Of Companies logo
 Agri Gold Group Of Companies logo

Hyderabad: The Hyderabad High Court on Thursday granted two weeks to the management of Agri Gold Group of Companies  to come up with a buyer who would pay substantially higher than what was quoted bid in the E-auction recently for two properties.

A division bench comprising Justice V. Ramasubramanian and Justice S.V. Bhatt, while hearing a PIL by Telangana Agri Gold Customers and Agents Welfare Association seeking a CBI probe into the scam and return of depositors’ monies, made it clear that failure to do so would make the company lose the right to object to auctioning of properties. 

 

In an earlier hearing, the bench had directed the petitioners and the management of the company to file written affidavits recording their views on the four properties that fetched monies in the e-auction.

The petitioners submitted that their inputs showed that the monies fetched in the e-auction were satisfactory. 

The company management in its affidavit objected to the auction bids stating that the monies fetched were short of actual values by 6 to 10 times.

The bench asked counsel for the company that if that was the case why it could they not find a single buyer at those price points.

 

Counsel for the petitioner reminded the bench that the company had earlier too been given opportunities to find buyers but it did not and was only trying to stall the auction process.

The bench adjourned the case to July 28.

...
Location: India, Telangana, Hyderabad




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