Business Other News 18 Jun 2016 Agri Gold told to de ...

Agri Gold told to deposit Rs 25 lakh with HC or go to jail

DECCAN CHRONICLE.
Published Jun 18, 2016, 1:20 am IST
Updated Jun 18, 2016, 7:29 am IST
The bench was considering petition by the Telangana Agri Gold customers and Agents’ Welfare Association.
Hyderabad High Court
 Hyderabad High Court

Hyderabad: A division bench comprising Acting Chief Justice Dilip B. Bhosale and Justice S.V. Bhatt of the Hyderabad High Court on Friday warned the management of Agri Gold companies that they would be sent to jail under the Contempt of Courts Act, if they failed to deposit Rs 25 lakh with the High Court for meeting the expenses of e-auction of the company’s properties.

The bench was considering petition by the Telangana Agri Gold customers and Agents’ Welfare Association, represented by its president A. Ramesh Babu, seeking a probe either by the CBI or the Enforcement Directorate into Agri Gold deposits scam. When the case come up for hearing Ravi Prasad, counsel for three man-committee constituted to oversee the auction of the properties, submitted a report before the bench.

 

The committee, in its report informed that the management of the Agri Gold has not been extending its cooperation. The report said that the committee conducted the fourth round of auction of the assets and despite repeated requests, the management has not furnished the list of assets.

The committee felt that in this backdrop, it is better to wind up the panel as the purpose for which it was set up was being scuttled by the management. After perusing the report, the bench asked counsel representing Agri Gold whether or not the `25 lakh been deposited with the HC.

 

As counsel replied in the negative, the bench took a serious view and warned that the management would face contempt proceedings if there was any further delay. Counsel for Agri Gold, while pleading the bench to adjourn the case, submitted that they had engaged another senior advocate as the earlier senior advocate expressed his inability to appear for them due to personal reasons.

While cautioning the management against causing any further delay in attending hearing, and also delay in deposing the `25 lakh with the court, the bench posted the case to June 22.

 

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Location: India, Telangana, Hyderabad




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