A Division Bench of the Hyderabad High Court comprising Justice V Ramasubramanian and Justice S.V. Bhatt on Thursday expressed displeasure at the slow pace in which the verification of documents of AgriGold consortium companies is being done by Subhash Chandra foundation of Essel-Zee Group.
This group wanted to take over the whole business of AgriGold consortium companies and the court permitted its representatives to verify all the documents.
The Bench was dealing with cases filed by depositors of AgriGold Consortium complaining that the money was not paid and that the government failed to take steps as per law. While the case was in progress, the Subhash Chandra foundation came forward to take over the whole business and pay money for this which would facilitate the payment of monies to depositors.
The Bench had directed the police and other officers to cooperate with the foundation so that due diligence was done effectively and expeditiously.
The Bench had issued detailed orders in December which would facilitate the verification. On Thursday, the Bench felt that there there was no progress at all. The Bench adjourned the case to January 25.
The foundation AgriGold and the CID officers have to file affidavits clearly explaining the progress made in this regard.
The Bench which is also dealing with Akshay Gold Company case said that unless the details of proposed buyers are disclosed it will not entertain the applications for take over the company etc.
