No takers for properties at Vijayawada, Keesara

A division bench of the Hyderabad High Court on Tuesday listed the properties for which there were multiple bids and were ready to be auctioned for recovery of amounts due to the depositors with Agri

HYDERABAD: A division bench of the Hyderabad High Court on Tuesday listed the properties for which there were multiple bids and were ready to be auctioned for recovery of amounts due to the depositors with Agri Gold company.  

The bench, comprising justices V Ramasubramanian and SV Bhatt, which was dealing with the PIL filed by Agrigold Depositors and Agents Welfare Association seeking a CBI or ED probe into the scam and  relief to lakhs of depositors across seven states, had spent more than an hour opening the bids/sealed tenders received in response to a notification given by the special investigating officer of AP state. The court hall was packed to full capacity with bidders, agents and depositors of the company.
The bench listed out the various properties to which there were no responses which included some plots at Keesara in Krishna district and some in Vijayawada. Fifty-eight bids were received in sealed covers. At this stage, the counsels for Dena Bank, SBI and Andhra Bank informed the court that some of the properties for which there were multiple bids had been mortgaged to the banks. The bench said it would examine this aspect also at the next hearing on January 3.

Prior to the opening of the bids, some of the depositors from Tamil Nadu filed an application submitting that if the properties were sold at throwaway prices, then the depositors would suffer losses, and they should, therefore, be heard. Meanwhile, senior counsel L Ravichander, appearing for AgriGold company, filed an affidavit submitting that an overseas company was willing to invest by taking over the entire assets and liabilities of the company and, as part of it, would deposit about ` 1,500 crore by January 17 next year. Besides, the effect of demonetisation would seriously affect the real estate. As there was scope for distress sale, the present auction must be postponed, he said.
While rejecting the plea for postponing the auction, the bench said that some of the properties did not find any bidders and adjourned the matter to January 3 for bidding process for the properties which were not mortgaged or had no charge.

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