If agreed to the proposal, have to oversee for 20 years: Telangana High Court

Hyderabad: The High Court division bench comprising Justice MS Ramachandra Rao and Justice T Amarnath Goud strongly reacted to the proposal made by Agrigold Company and ruled that the Agrigold Company would have to oversee the High Court for another twenty years if it agreed to the proposal.

On Friday, the High Court division bench heard the writ petition filed by A Ramesh Babu, president of Telangana Agrigold Depositors Welfare Association, on the Agrigold Depositors scam.

The High Court directed AP and Telangana governments to respond to the revised proposals made by the Agrigold Company.

The Bench categorically informed that the Chief Justice of Telangana High Court is considering transferring Agrigold Company assets to the AP High Court under the AP Separation Act as most of the assets are in Andhra Pradesh.

Telangana CID SP files an affidavit alleging that the Agrigold acquires land in Midjil through a Benami transaction. Further, the Telangana CID suspects that the man, who bought 150 acres of land in Midjil area for Rs 15.18 crore is Agrigold Company Benami. The person involved in the bid has links with Shivshakti Timber Estate, owned by Avva Sitarama Rao, Director, Agrigold Company. According to the Telangana CID, a person who worked as a constable could not afford to buy 150 acres for Rs 15.18 crore.

Andhra Pradesh Advocate General Shri Ram asked the High Court for time for the two States to discuss the Agrigold issue and find a solution together. Further, the AP Advocate General sought time for CID to look into the allotment of Agrigold's shopping mall to a single bidder at an auction conducted by SBI in Vijayawada.

For further hearing, the matter adjourned next to June 25, 2021.