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1st Phase Auction Of AgriGold Assets Fetches 7.53 crore

The first phase of auction of AgriGold properties under the supervision of the High Court at Hyderabad has yielded Rs 7.53 crore. It constitutes just 0.1 per cent of Rs 7,000 crore the company collected deposits from people across Telangana State and Andhra Pradesh, besides in some other states.

This was informed to the division bench comprising Acting Chief Justice Dilip B Bhosale and Justice S V Bhatt on Tuesday by the committee appointed by the court to oversee the auction of properties. Committee counsel P Raviprasad said as many as 24 flats in Bangalore were sold for Rs 6.81 crore. Some more properties in Karnataka, Tamilnadu and at Shadnagar in Telangana State were also auctioned.

He also told the court that there were no takers for a 2,229 square yard commercial plot in Vijayawada. The bench wondered if after so much monitoring and follow-up, only 0.1 per cent of the amount had been realised, then how much more time it would take to realise the remaining 99.9 per cent of the money.

It directed the AgriGold management to step up its cooperation for better realisation of money in auction. The committee informed the bench that another 10 properties had been shortlisted for the third phase of auction. The matter has been posted for further hearing on April 29.

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