Hyderabad High Court orders auction of ’Agrigold’ assets

Hyderabad High Court orders auction of ’Agrigold’ assets

Mangalore Today News Network

Mangaluru, Dec 28, 2015:  Addressing media in the City, Andalu Ramesh Babu, president of the Agrigold Customers’ and Agents’ Hitarakshana Vedike, said that the order was passed some time ago.  The Hyderabad High Court has ordered that the assets of Agrigold company be sold and the money of customers be returned.

"The High Court had formed a committee headed by the former judge Justice T C H Surya Rao, an IAS officer and an advocate. The Court has directed the committee to carry out the selection of the company for participation in the auction before 15 days. The committee has told the Court that it would hand over the auctioning procedure of the company to three organisations," he said.

Delay :  The divisional bench of the High Court has also expressed displeasure over the inordinate delay in the CID probe into the scam and has, therefore, ordered a change of the investigation officer. When the CID submitted its interim report to the Court, the bench directed the CID to accelerate the investigation and to arrest the accused ’as soon as possible’.

The Court has taken it in writing from the company that the latter would not sell any of its assets. It has also taken an affidavit from the company that the misnomer assets could be sold off if there were dues even post-auction of the company assets.

The Agrigold company has duped its customers and agents of around 7,000 crores. It had 32 lakh customers and 10 lakh agents in Karnataka, Telangana, Andhra Pradesh, Maharashtra, Odisha, Tamil Nadu and Andaman and Nicobar. As many as 25 people from Karnataka and 75 people in Andhra Pradesh and Telangana had committed suicide.

Two Public Interest Litigations had been filed at the Hyderabad High Court in this regard. The Agrigold Customers and Agents Hitarakshana Vedike has also urged the chief ministers of Karnataka, Andhra Pradesh, Maharastra, Orissa and Telangana, and also the Prime Minister and Home Minister to hand over the case to the CBI.

Compensation : The Vedike has also demanded that the committee formed by the Hyderabad High Court provide compensations to the families of those who have committed suicide after January 4. Bharathiya Mazdoor Sangha President Narayan Shetty was present at the press meet.