HYDERABAD: The Delloite company representing the Subhash Chandra Foundation of Essel-Zee group, which earlier evinced interested in taking over the scam-hit Agri Gold Company, on Monday informed the Hyderabad High Court that it might not be ready for the takeover but was ready to take over the properties of the company. It sought the court to grant three months time to complete the evaluation exercise of the AgriGold assets.
Appearing for the firm, senior counsel Sri Raghuram submitted to a high court division bench comprising Justice V Ramasubramanian and Justice S V Bhatt dealing with the batch petitions filed by Telangana AgriGold Customers and Agents Welfare Association and others seeking CBI probe into the scam and return of the depositors’ money.
On September 12, the senior counsel informed the bench that the Subhash Chandra Foundation was interested in taking over the assets and liabilities of AgriGold company and that the foundation was in a capacity to take over all the 175 odd companies of the AgriGold group. With the court’s permission, it went ahead with the due-diligence exercise for the purpose.
On Monday, the counsel said there were problems in taking over the companies. Besides, he sought permission for giving notifications in the media as most of the properties were on mortgage.Petitioner’s counsel told the court that the AgriGold issue was found a mention in Paradise Papers. The bench said that it would examine this issue later on.
Three months sought to complete verification
The Delloite company representing the Subhash Chandra Foundation of Essel-Zee group has sought three months time from the Hyderabad High Court to complete the verification exercise on the assets of the scam-hit AgriGold Company. Adjourning the case to December 12, the High Court bench directed both AP and Telangana governments and the petitioners to file counter-affidavits on the latest stand of Subhash Chandra Foundation.