High court okays district level auction of AgriGold assets

The High Court of Judicature at Hyderabad on Friday approved the formation of a district auction panel to auction the assets of the scam-hit AgriGold firm.

The bench hearing the case has allowed the auctioning of five assets of the firm located in the Krishna district of Andhra Pradesh for the first-ever such district level auctioning of the assets.

The committee will consist of the district collector, district registrar and the secretary of the district legal services authority.

The orders came in response to the request made by advocate General Dammalapati Srinivas.

While the request was to place ten assets located in the same district for auction, the legal issues pertaining to few of them made the court to set the target to five assets.

The court has seen logic in the argument that a local auction will fetch better prices to the plots. Further hearing in the case was posted for June 25.