HC gives more time to Zee Essel group to take over AgriGold

The High Court of Judicature at Hyderabad on Wednesday extended the deadline for Zee Essel Group (Subhash Chandra Foundation) to take over the ailing AgriGold Company.

Responding to a petitioner’s plea to initiate action against Zee group for delaying the auction of assets and distributing the proceeds among the depositors, the bench gave some more time to the group.

The bench then ordered the Zee group to deposit Rs 1,000-Rs 1,500 cr with the court by June 5, to complete the procedure. The court reminded Zee group that it had earlier expressed willingness to take over the non- banking finance company considering the value of its fixed assets. The group later retracted saying that the liabilities of the company were more than its assets.

Opposition parties in the state, including the YSR Congress, alleged that Zee group was coerced by Chief Minister Nara Chandrababu Naidu to withdraw its proposal using his clout with senior leader Amar Singh. Depositors and agents across the state have resorted to several agitations following Zee group's change of heart. The case was posted to June 5.