Bidder for Akshaya Gold told to specify price for buying assets

The High Court at Hyderabad has directed the proposed investor to specify the price at which he intends to buy over 300 properties belonging to Akshaya Gold. It also made it clear that the liabilities and deposits of the company should be of no concern to the proposed investor. 

It rejected the offer made on behalf of the proposed unnamed investor to initially deposit some amount of money to prove his bona fide, saying that when the identity itself is not being revealed, there is no point in entertaining this request. 

The division bench comprising Justice V Ramasubramanian and Justice S V Bhatt gave these directions on Thursday, while hearing a Public Interest Litigation petition filed by the depositors of scam-tainted Akshaya Gold company seeking a CBI probe into the scandal and release of depositors’ monies.

An affidavit was filed on behalf of one P A Christopher making the offer of depositing some monies and making suggestions about dealing with company’s liabilities. Senior counsel S S Prasad, appearing on behalf of Christopher, stated that the proposed investor wished to remain anonymous and in due course of time it would be revealed. He offered to deposit some monies to prove his bona fides. 

The bench rejected the affidavit and directed him to come up with the proposed values at which the investor intended to buy the more than 310 properties belonging to Akshaya Gold. It stated that the intention behind giving this opportunity to the proposed investor is the objective of disposing of all the properties lock, stock and barrel, so that monies can be distributed to the depositors. 

The bench also directed the Special Government Pleader and the counsel for PIL petitioner to give in sealed covers their assessment of market values of these properties and adjourned the case to March 5.