AgriGold ready to refund money to depositors!!!

HYDERABAD: Avva Venkata Seshu Narayana Rao, chairman of the controversial AgriGold group of companies, who is facing charges of collecting deposits from the public in an unlawful manner to an extent of Rs 6700 crore, on Tuesday moved the high court challenging the AP government’s decision to attach his properties. The state earlier attached several movable and immovable properties of AgriGold and its chairman situated in six districts of AP. The state and the RBI have made it clear that the AgriGold deposit collection was illegal and had no legal sanction.

When the case came up for hearing before a bench of Justice R Subhash Reddy and Justice A Sankaranarayana, senior counsel A Sudarsan Reddy appeared for the petitioner and told the court that the company was ready to refund all the deposits it collected from the public. “The company has Rs 16,000 crore worth of assets all over the state. Let the court or the state constitute a committee to sell away the required assets to clear the Rs 6,700 crore dues,” Sudarsan said and urged the court to set aside the two GOs issued by the state attaching several assets of the company.

The bench sought the stand of the state government on this and posted the case for hearing after two weeks.

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