HYDERABAD: In a significant development in AgriGold issue on Tuesday, the Subhash Chandra Foundation of Essel-Zee group, which has filed an affidavit seeking court permission for its decision to go back from its earlier proposal to take over the scam-hit AgriGold company, has changed its stance within 24 hours by withdrawing its affidavit from the High Court.
In April this year, the Essel-Zee group told the High Court that it was not inclined to take over the company citing economic non-viability due to a huge difference between assets and debts of the company. It has decided to stop the due diligence exercise for taking over the company. As part of it, it has filed an affidavit before the court on June 4 seeking permission to withdraw from the ongoing process and for return of its Rs 10 crore deposit amount.
When the matter came up for hearing before a division bench comprising Justice V Ramasubramanian and Justice SV Bhatt on Monday, senior counsel Sri Raghuram, representing the group, sought permission for withdrawal of the said affidavit. The bench allowed the plea resulting in the group, which backed off from its earlier proposal, again being in the race.
The bench was dealing with a batch of petitions filed by the Telangana AgriGold Customers and Agents Welfare Association and others seeking CBI probe into AgriGold scam and return of the depositors’ monies. While the case was in progress, the Subhash Chandra Foundation came forward to take over the whole business of AgriGold by paying the money which would facilitate return of the amounts to depositors.
The AP government made a proposal before the court for constitution of a committee with the district judge as its chairman and collector and district registrar as its members for the purpose of auction of AgriGold properties. AP Advocate General Dammalapati Srinivas told the court that, if necessary, the State government would be ready to provide some amount.