Nation Other News 20 Sep 2019 Telangana High Court ...

Telangana High Court issues notices to CBI on Super Agri insolvency

DECCAN CHRONICLE.
Published Sep 20, 2019, 1:09 am IST
Updated Sep 20, 2019, 1:09 am IST
Justice A. Rajasheker Reddy has issued notices to the Union government, CBI, Insolvency and Bankruptcy Board of India, SBI.
He was dealing with a petition by Super Agri Seeds seeking a CBI probe into the transfer of the assets of the debtor company at a low price by the liquidator and other persons.
 He was dealing with a petition by Super Agri Seeds seeking a CBI probe into the transfer of the assets of the debtor company at a low price by the liquidator and other persons.

Hyderabad: The Telangana High Court has responded to allegations of wrong-doing by the liquidator and the manager of the State Bank of India in the liquidation of Super Agri Seeds Pvt Ltd.

Justice A. Rajasheker Reddy has issued notices to the Union government, CBI, Insolvency and Bankruptcy Board of India, SBI and the liquidator  Dr K.V. Srinivas.

 

He was dealing with a petition by Super Agri Seeds seeking a CBI probe into the transfer of the assets of the debtor company at a low price by the liquidator and other persons.

Ravi Srinivas, the founder of Super Agri Seeds approached the High Court alleging the liquidator had handed over 95 per cent of the assets of the debtor company for just `18.64 crore to one Hariprasad Jam, whereas the competitor, Bhaskara Agro Agencies, had offered to pay `33 crore for the total assets. He also said that Guruprasad Deshpandey, chief manager of the SBI, Stressed Assets Management Branch, was hand-in-glove with the liquidator and handed over the assets for a lower price.

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Location: India, Telangana, Hyderabad




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