HYDERABAD: In an another twist in the Agri Gold case, the Andhra Pradesh government on Tuesday refused to accept the proposal of the Subhash Chandra Foundation of Essel-Zee group to take over the properties of the scam-hit group of companies, including those attached by the CIDs of AP and Telangana, by paying `4,000 crore over a period of four and a half years.
The government said that it was difficult to believe the intervener (Subhash Chandra Foundation) which was seeking to enter the shoes of the state government through the approval of the court on the promise of repaying all the depositors.
“If this proposal is accepted as it is or with modifications, if any, the said acceptance will result in a situation where the state will reach a point of no return and will be dependent on the intervener.
Any lapse will further complicate the issues and the situation with the interest of the depositors taking a back seat”, it noted. Even the petitioners - AP and Telangana Agri Gold customers and agents welfare association rejected the time and money proposed by the intervener but the All India Depositors and Agents Association said that the proposal was acceptable.
The AP government and the petitioners filed affidavits before a division bench of justices V Ramasubramanian and SV Bhatt dealing with a batch of petitions filed by the AP and Telangana Agri Gold customers.