HYDERABAD: A division bench of the Hyderabad High Court on Friday dismissed the plea of the Agri Gold management seeking permission to its proposal to raise Rs 8,500 crore in next four years by selling its properties at market value and to pay another Rs 700 crore as compensation by the year 2022.
The company management had also made such proposals in the past promising to bring buyers to purchase properties at good price in the auction, but failed to implement it, the bench reminded while rejecting the proposal.
Besides, the bench directed the State Bank of India to initiate steps for auction of the prime Haailand property in Vijayawada, of Agri Gold company by taking into consideration Rs 552 crore as the minimum price which was valued earlier by the Subhash Chandra foundation of Essel-Zee group.
The SBI has earlier put the value of the said property at Rs 503 crore. The bench felt the need of extending some incentives and subsidies to the buyers and appropriate orders would be passed to the State government for the purpose.
The bench comprising Justice V Ramasubramanian and Justice SV Bhatt was passing this order in batch petitions filed by the Telangana Agri Gold customers and agents welfare association and others seeking CBI probe into Agri Gold scam and return of the depositors’ monies.
When the government counsel sought some time for submitting details of remaining properties of Agri Gold, the bench posted the matter to November 9 for further hearing.