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Akshaya Gold properties to be auctioned on March 8
The High Court at Hyderabad has put six properties of scam-hit Akshaya Gold company in Andhra Pradesh for auction and also decided its upset bid prices. The auction is slated to be held on March 8 in the open court hall.
The High Court at Hyderabad has put six properties of scam-hit Akshaya Gold company in Andhra Pradesh for auction and also decided its upset bid prices. The auction is slated to be held on March 8 in the open court hall.
The division bench comprising Justice V Ramasubramanian and Justice S V Bhatt passed an order to this effect during the hearing of a public interest litigation filed by Akshaya Gold Depositors and Agents Welfare Association represented by its president Ramu Maddaiah seeking justice to lakhs of depositors affected by the scam.
The bench directed the competent authority, CID Andhra Pradesh, to issue advertisements calling for auction of these six properties by February 20. Sealed covers containing the bid amounts and earnest money deposit cheques/ DDs must reach the Registrar of High Court at Hyderabad on or before March 6.
The six properties identified for auction include a three-storyed building on a 272 square yard plot in Kurnool city with a reserve price of Rs 2.78 crore; a 1099 square yard vacant site in Vishakhapatnam city with a reserve price of Rs 17.80 crore; agricultural land to an extent of 76.85 acres in Gummalampadu and Vaggampalli village of Pamuru mandal in Prakasham district with a reserve price of Rs 2.25 crore; agricultural land to an extent of 57.68 acres in Cholamarri village under Penukonda mandal in Anantapur district with a reserve price of Rs 1.30 crore; dry land to an extent of 63.86 acres in Muluga panchayati under Parvathipuram mandal of Vizianagaram district with a reserve price of Rs 2.35 crore; a 528 square yard open plot in Yemiganoor town of Kurnool district with an upset price of Rs1.47 crore.
Earlier, the Special Government Pleader for Andhra Pradesh Krishna Prakash submitted a list of 22 properties along with their valuations belonging to Akshaya Gold that were attached by the government and that could be put up for auction.
The counsel for petitioner also submitted valuations of over 180 properties of Akshaya Gold and informed the bench that there are even potential buyers for some high worth properties. The counsel for Akshaya Gold company also gave a list of properties and likely values they could fetch.
