New twist in AgriGold case

New twist in AgriGold case

In a new twist in AgriGold case, the AgriGold management told the Hyderabad High Court on Friday that it was in no way concerned with the prime Haailand property in Guntur district, which was put up for auction recently.

 The High Court has expressed its anger at the AgriGold management for changing the tone on prime Haailand property and warned it to face serious consequences in coming days.

Last month, a division bench of the Hyderabad High Court permitted the State Bank of India (SBI) 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 Cr. They also said, “The auction should be held under the SARFAESI Act (Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act)” This decision was taken keeping in view the welfare of depositors.

The authorities concerned have seized the prime property by treating it as that of AgriGold and the bank officials have taken steps to auction it under the SARFAESI Act which was illegal. He urged the court to issue the notices to the respondents and hear his arguments on this issue.

When the bench asked the counsel for AgriGold to respond, they said there was no relation between the two, the bench expressed its anger and pulled up the counsel for filing affidavit earlier claiming that the property belongs to it and placing arguments on such property. The counsel remained silent when bench posed several questions on the property.

The court has given several opportunities to AgriGold management, but it has failed to utilise them. AgriGold management have not only cheated the court but also the 32 lakh depositors.

 Agrigold scam was to attract theinvestments , ranging from thesmall, medium to large from various people promising them huge returns and also using them to attract more people to join the chain.