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 Agri Gold Group of Companies and for withdrawal of its amount of ` 10 crore deposited earlier towards its due diligence exercise to assess the value of Agri Gold 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 Agri Gold Group of Companies.
The bench directed the SBI, from which loan was raised by Agri Gold by mortgaging lands of Haailand, to inform the loan raised by the firm and the market value of the subject property.
When the matter came up for hearing on Thursday, senior counsel P Sriraghuram, appearing for Subhash Chandra Foundation, urged the court to grant permission for withdrawing from its earlier proposal to take over the properties of Agri Gold a. Meanwhile, the counsel for SBI told the court the bank has decided to auction the properties of Haailand since the company had failed to repay the loan.