Hyderabad: The Hyderabad High Court on Thursday directed that a list of properties belonging to Agri Gold Group of Companies be placed before it so that the District Level Committee can auction its properties.
The court gave the direction while reserving its orders on an application by Essel-Zee Group’s Subhash Chandra Foundation seeking permission to withdraw from its proposal to take over the group.
A division bench comprising Justice V. Ramasubramanian and Justice S.V. Bhatt was dealing with petitions filed by depositors and agents of Agri Gold seeking a CBI probe into the fraud.
The bench said it could not compel the intervener (Essel-Zee Group). The return of Rs 10 crore deposit of the intervener was in their anxious consideration, and it could not return the entire amount.
The bench said it would give priority to selling the properties at Haailand amusement park near Vijayawada belonging to Agri Gold as it would fetch more revenue to facilitate commencement of repayment of depositors. The bench directed the State Bank of India to submit a report on the present market value of the Haailand properties as it was under its hypothecation.
When Mr Krishna Prakash, counsel for the CID, said that they had identified 50 properties for sale, Mr Janakiram Reddy, representing Agri Gold, told the court that the CID had underestimated the value of certain assets. The bench asked the petitioners and the AP and TS government and sub-registrars to submit the value of the properties separately, district-wise....