The Telangana High Court on Friday laid down procedures for disbursal of ₹250 crore among the AgriGold depositors who had invested ₹10,000 or less in the company. Consenting to the Andhra Pradesh government’s proposal to pay ₹250 crore to the depositors, a division bench comprising Justice V. Ramasubramanian and Justice P. Keshava Rao directed the government to involve the District Legal Services Authorities (DLSAs) concerned in disbursal of money.
The bench said all depositors from AP, who invested ₹10,000 or less in AgriGold company, must lodge their claims along with their Fixed Deposit Receipts (FDRs) with the respective DLSAs on or before March 11. The DLSAs, in turn, will process the same and pass orders about entitlements. This exercise would be done simultaneously in different districts. The Collector concerned would make payments to the DLSA within a week of receiving the statement of claims. The burden on other government officials would ease if the services of DLSAs are utilised.
AP AG Dammalapati Srinivas, who placed before the bench the GO relating to disbursal of ₹250 crore, said this money was separate and not connected to the sale proceeds from auctions of AgriGold properties conducted under the supervision of the court. He said the CID had identified depositors who invested ₹10,000 or less in the scam-ridden company. The counsel for the Telangana AgriGold Depositors N.S. Arjun Kumar requested the bench to club the money being released by AP with the sale proceeds of company’s properties. The total money thus secured can be distributed among depositors of AgriGold hailing from other States along with those of AP.
He informed that there were 7,90,199 depositors in Andhra Pradesh who had invested ₹10,000/- or less and that they have been identified by the CID and their claims were cross-verified. He also sought a direction to the Telangana government to come up with a proposal to disburse money among depositors from Telangana. The bench ruled out issuing such direction.
