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Open auction by High Court a reasonable success
Lakhs of depositors of scam-ridden AgriGold may finally have something to cheer about. The first open auction conducted in the High Court at Hyderabad on Tuesday was a reasonable success, fetching more than double the reserve price amount fixed by the court. Bids totalling Rs 12.97 crore were received for the four properties in Keesara mandal of Krishna district.
Hyderabad: Lakhs of depositors of scam-ridden AgriGold may finally have something to cheer about. The first open auction conducted in the High Court at Hyderabad on Tuesday was a reasonable success, fetching more than double the reserve price amount fixed by the court. Bids totalling Rs 12.97 crore were received for the four properties in Keesara mandal of Krishna district.
A divisional bench comprising of Justice V Ramasubramanian and Justice S V Bhatt conducted the open auction in the court hall. It kept aside the auction of eight commercial properties in Vijayawada city as banks intervened saying that they had mortgages on the properties. The bench took up auction of four properties in Keesara.
Property of 23.84 acres in Saidapuram village, Kanchikacharla mandal had a reserve price of Rs 3.30 crore and the highest bid received prior to auction was Rs 5.67 crore.
When the auction began, the bids went up to Rs 8.15 crore. After the announcement of this highest bidder, another bidder Aditya Housing Pvt Ltd once again raised it to Rs 8.50 crore, which the bench kept it open for the next date of hearing on January 17.
Another property in the same village of an extent of an acre with a reserve price of Rs 15 lakhs fetched a highest bid of Rs 37.50 lakh before open auction. In the auction the highest bid for this property reached Rs 60 lakh.
The property to the extent of 33.57 acres in Nandalur village of Veerullapadu mandal had a reserve price of Rs 2.50 crore and the highest bid received was Rs 3.36 crore.
In the open auction, the bid went up to Rs 3.55 crore. The fourth property to the extent of 2.22 acres in the same Nandalur village had a reserve price of Rs 16 lakh and the highest bid received was Rs 25 lakh. In the open auction it went up to Rs 32 lakh.
More than the amounts realised, the manner in which the auction was conducted, with active encouragement by the bench, enthused not only the scores of depositors present in the court hall but also prospective bidders, who improved on their bids.
The bench repeatedly reminded everyone that the main aim of this exercise is to provide relief to the lakhs of depositors as early as possible. The highest bids will be considered on January 17, even as the bench made it clear that the auction is still open and it will be continued on January 17
