HC Supervise Auction of Agri Gold properties

Hyderabad:A Division Bench of the High Court at Hyderabad comprising of Acting Chief Justice D. B. Bhosale and Justice S. V. Bhatt on Thursday ruled made it clear that it would will supervise the auction of properties of Agri Gold Company, and directed the company to identify an institution which was expert in conducting auction and ensure that the representative of that institution was to be present before the court on the next date of hearing.

The Bench ordered the police of both the states to find out whether the company had any other properties other than those which are already attached and also to identify the properties in the name of promoters and place the details before it. The Bench was dealing with a PIL by the Telangana Agri Gold Customers and Agents Welfare Association, represented by its president A Ramesh Babu of the city, seeking a direction to hand over the case to the CBI or ED. The company sought permission from the court to sell away 1,412. 87 acres of land it had in Krishna, Guntur, Srikakulam, Vizianagaram and Nellore districts in Andhra Pradesh and Mahabubnagar district in Telangana and Bidadi and Hubbali towns in Karnataka to repay the amounts to the depositors.

The Bench said that the auction would will be held under the supervision of the court. All payments would be allowed only through cheques drawn in favour of Registrar General of the HC.

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