Modalities for auction of AgriGold, Akshaya Gold finalised

The High Court at Hyderabad has finalised the modalities of online auction of scam-hit AgriGold and Akshaya Gold companies’ properties on Thursday. As many as 12 properties belonging to AgriGold and five properties belonging to Akshaya Gold will be put up for auction in the first round.

The division bench comprising Justice V Ramasubramanian and Justice S V Bhatt heard the arguments in public interest litigation petitions filed in both AgriGold and Akshaya Gold matters by depositors and agent associations.

The bench announced that it would pass a judicial order on Friday relating to this issue and it would also include a direction to the Andhra Pradesh State government, which is providing the e-portal for online auction, to officially launch the portal, so that the auction of AgriGold and Akshaya Gold properties can be launched shortly.

The portal has been readied in October 2016 but till now it has not been officially inaugurated and therefore not yet has gone live. The bench also finalised the terms and conditions for the auction and these would be incorporated in the order.