AgriGold verdict: HC sets up panel to auction properties

Hyderabad, Oct 09: The Hyderabad High Court today constituted a three-member panel headed by a retired High Court judge to oversee the auction of AgriGold properties. It may be noted AgriGold failed to repay deposits to investors in Karnataka, Tamil Nadu, Telangana and Andhra Pradesh states. The court gave permission to sell the properties of the company but laid a condition that the entire process should be held under the supervision of the committee set up by it. The court also issued orders appointing the committee. The committee would also oversee repayment of deposits to investors. Fourteen properties will be auctioned in the first phase and six properties will be auctioned in the second phase. The properties would be disposed through e-auction process. The court will announce the name of a retired High Court judge, who will head the committee, on October 12. AgriGold has been warned of serious consequences if it misleads court on the sale of assets or other proceedings.