HC sets timetable forAgriGold takeover

Three teams of Deloitte to begin work

October 11, 2017 01:09 am | Updated 01:09 am IST - Hyderabad

A Division Bench of the Hyderabad High Court comprising Justice V Ramasubramanian and Justice S V Bhatt on Tuesday said that it does not appreciate any further delay in the examination of documents relating to AgriGold in the custody of the AP Crime Investigation Department as part of the due diligence exercise for proposed takeover of the scam-tainted company by Essel-Zee Group’s Subhash Chandra Foundation. It fixed a strict timetable for this.

The Bench said that it wanted the examination to take place from October 3 but till now letters were being exchanged. The Bench said that from October 12, three teams of Deloitte accounting firm representing the Subhash Chandra Foundation would begin work. One team would peruse the documents in the corporate office of the AgriGold consortium. The second team would visit the CID office at Mangalagiri to examine all the documents except the statements made in the criminal case.

The CID shall show all the documents without raising further queries. The third team is to meet the AgriGold directors lodged in Eluru jail.

The case will be listed on October 24 and by then the process of verification would be done on day-to-day basis. Further properties are to be identified for further e-auction.

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