Agri Gold auction not to be delayed

A division bench of the Hyderabad High Court comprising Justice V. Ramasubramanian and Justice S.V. Bhatt on Friday said the process of auctioning the properties of Agri Gold consortium would not be slowed down for the sake of an unknown company’s vague offer that it was ready to take over the company and make payments after verifying the title of properties.

The bench was dealing with a Public Interest Litigation filed complaining of non-payment of money by the company to depositors.

The bench had ordered e-auctioning of selected properties.

When the highest bidders came the management claimed that it could get buyers who would pay five to six times the price offered by proposed buyers in auction.

When a senior counsel said his client would buy the company after verifying the title of properties called ‘due diligence’ in legal parlance, the bench said they could file an affidavit with a concrete offer but it would not stay the present process. The case was adjourned to August 7.