A division bench of Hyderabad High Court, comprising Justices Ramasubramanian and S.V. Bhatt, on Monday said that the court would conduct an auction of those properties of Agri Gold consortium that are valued above ₹50 crore, while the remaining could be auctioned through a web portal.
The bench was dealing with writ petitions seeking a Central Bureau of Investigation (CBI) probe and justice to depositors of Agri Gold and Akshaya Gold companies.
The bench adjourned the case to next Monday for response from the governments on the issue of streamlining the auction process.
The Andhra Pradesh government said no stone was left unturned in the investigation, and all the main kingpins of Agri Gold were behind bars.
Shell companies
The court was told that the analysis of CDs revealed startling facts about hundreds of shell companies.
The court was informed that no family members were being harassed. The HC did not evince any keen interest at the proposal that lands may be divided into plots and sold. The bench reminded that this involves heavy investment.
Regarding Akshaya Gold, the bench was told that out of 24 directors, 22 were arrested and charge-sheets filed. The bench directed categorisation of the properties for streamlining the sale through web portal.
