HC gives 2 weeks time to Zee-Essel group to decide on taking over Agri Gold

In a U-turn, the Zee-Essel group, which had earlier shown interest in taking over assets of the tainted AgriGold company, on Monday told the High Court here that it might not be able to fulfill its promise. The counsel made it clear that the sunk firm had more liabilities than assets, making it impossible to take over.

However, the counsel told the court that it would consult senior politician Amar Singh for a viable alternative, if granted eight weeks time. The bench dealing with the case rejected the offer and gave only two weeks time to come up with an alternative proposal. The court also gave two weeks time to the Andhra Pradesh government to suggest an alternative plan.