Agri Gold depositors welcome High Court order

Vijayawada:A Division Bench of the High Court has ordered constitution of a three-member Committee headed by a retired judge to oversee the auctioning of properties of AgriGold on Friday.

As many as 40 lakh people had lost their money by investing in Agri Gold group. Of this, 32 lakh people are depositors, while eight lakh people are agents. The group collected deposits from Andhra Pradesh, Telangana, Karnataka, Tamil Nadu, Odisha and Andaman and Nicobar Islands. The group has to repay about Rs. 7,000 crore to its depositors.

The High Court ordered to auction properties in two phases. In phase-I, 14 properties would be auctioned, and another set of 6 properties would be auctioned in phase-II. The group has provided details of 300 properties to the court, according to Shravan Kumar, one of the counsels of depositors, who lost their money.

The group’s 170 acre property at Keesara in Krishna district, about 25 flats in Bangalore, and 170 acre in Bidadi in Karnataka and a few commercial properties would be auctioned. The group claimed that an acre at Keesara would cost Rs. 6.25 crore and land at Bidadi would cost Rs. 1300 crore he explained.

Telangana Agrigold customers and Agents welfare association president and petitioner Andalu Rameshbabu said that they were happy with interim orders of the court. “We have fully confidence and proudly say that each and every customer will get their deposited amount very soon,” he said.

The AgriGold group has to clear Rs. 391 crore worth dues to various banks on as on June 2015. A consortium of bankers, including, Andhra Bank (AB), State Bank of India (SBI), Indian Overseas Bank (IOB), Karur Vysya Bank (KVB), and Indian Bank are the banks that have extended loans to the group.

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