HYDERABAD: A division bench of the Hyderabad High Court on Thursday reserved its order on the plea of the Subhash Chandra Foundation of Essel-Zee Group seeking permission to withdraw from its proposal to take over the properties of AgriGold Group of Companies and for withdrawal of `10 crore deposited by it earlier towards its due diligence exercise to assess the value of AgriGold properties.
Besides, the bench made it clear that it would give top priority to the properties, including Haailand property in Vijayawada, which fetch huge money through auction of properties of AgriGold. The bench directed the State Bank of India, from which loan was raised by the management of AgriGold by mortgaging lands of Haailand, to inform the loan raised by the company and the market value of the subject property. The Court would give top priority to the Haailand property since it would fetch huge money and would give scope to repay some amount towards first installment to the depositors.
Further, the bench directed both AP and Telangana governments, and the management of AgriGold and the petitioners to submit district-wise details of the properties of AgriGold and its values, including those of market value, registration value and the reality value, so that the Court would finalise a price for auction. Henceforth, the companies properties would be auctioned at a time through the district committees. The AgriGold case would be heard every Friday.
When the matter came up for hearing on Thursday, senior counsel P Sriraghuram, appearing for Subhash Chandra Foundation said about `50 crore was spent towards due diligence exercise. Meanwhile, the special counsel for AP Krishna Prakash, appearing for AP CID, submitted a list of 50 identified properties of AgriGold for auctioning. When the counsel for AgriGold said that the rates quoted by the CID was very less, the bench pointed out that the company had earlier claimed that the value of the properties would be around `20,000 crore, but the figure was now stopped at about `2,000 cr.