HYDERABAD: In a significant development in AgriGold case, a division bench of the Hyderabad High Court on Friday permitted the State Bank of India to go ahead with the auction of prime Haailand resort in Guntur district, which was mortgaged by the bankrupt company to obtain a loan of about Rs 100 crore.
The auction should be held under the SARFAESI Act (Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act) and the decision was taken keeping in view the welfare of depositors, it noted.
Further, the bench directed the Andhra Pradesh and Telangana governments, the petitioners and the AgriGold management to submit details of all the 234 identified properties and their value before the court.
The bench comprising Justice V Ramasubramanian and Justice SV Bhatt, was passing this order in a batch of petitions filed by the Telangana AgriGold Customers and Agents Welfare Association and others seeking a CBI probe into the scam and return of the depositors’ money.
When the matter came up for hearing, Special Counsel of AP Krishna Prakash, appearing for CID, placed a list of details of 54 properties and told the court that the remaining properties list would also be submitted soon.
Similarly, the Telangana government also placed district-wise details of the company properties.
When the petitioners and AgriGold management had failed to submit the details pursuant to earlier direction of the court, the bench directed them to submit 234 properties’ details and their value by next date of case hearing.