HYDERABAD: In a new twist to Agri Gold case, the Agri Gold management on Friday told the Hyderabad High Court that it was in no way concerned with the prime Haailand property in Vijayawada which was put up for auction recently.
To this submission, the High Court expressed its anger at the company management for changing its tone on the prime property and warned it to face serious consequences in future.
The management of Haailand property filed an affidavit before the Court submitting that its property was seized under the Andhra Pradesh Depositors Act by treating it as that of Agri Gold property, hence the bank officials have no right to auction its property under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interests Act (SARFAESI Act), which was illegal.
When the matter came up for hearing before the bench of Justices V Ramasubramanian and SV Bhatt dealing with batch petitions filed by the Agri Gold customers seeking CBI probe into Agri Gold scam, special counsel of AP Krishna Prakash placed a list of their properties, its market and registered value before the court.