After the reports of Zee owner Subash Chandra showing interest in taking over 175 properties of Agrigold, Accounting Firm Deloitte has finally disclosed the name to the High Court on Monday in the additional affidavit. Following the due diligence, the Essel Group is ready to pay Rs 1,000 to Rs 2,000 crore after 4months.
The Senior Counsel also stated that the Essel Group has the financial capability to pay. The division bench comprising of Justice V Ramasubramanian and Justice S V Bhatt was hearing the PIL of AgriGold, asked the senior counsel what if after due diligence the company decides to back out. So, it suggested to deposit amounts and in case the company doesn’t fails to take over, the deposit amount not be refunded.
The petitioner’s counsel asked the bench to reduce the time for due diligence from 4months to 2months. It also suggested to ensure that the interests of the small and marginal depositors are given high priority. Court declined to reduce the time but agreed on the point of marginal depositors.
Hyderabad High Court asked Agrigold company to provide the details of deposits less than Rs 5,000, between Rs 5,000 and 10,000 and Rs 10,000 and 20000 from across the country. The bench also instructed the AP CID to provide details to cross verify.
