Zee Essel group withdraws petition

In a major U-turn, the Zee Essel group, which had earlier evinced interest to take over the assets of the bankrupt Agrigold firm and later withdrew its proposal, has again said that it would save the depositors and agents by purchasing its assets.

The counsel of the Zee group on Tuesday told the high court here that its client is withdrawing its earlier petition urging the court to allow it to drop the takeover plan owing to low value of the assets.

On Tuesday, the Zee Essel submitted the details of ten assets of the defunct firm that it would be purchasing to the high court bench.

The court then directed Agrigold and the Andhra Pradesh CID to submit the value of these assets by the next hearing, which is on 8 June.

The move by the Zee Essel group comes after a series of massive protests by the associations that moved the high court.

The depositors have, on the other hand, urged the court to admonish the Zee Group for delaying the takeover process over and over again.

The state government has said there is nothing it could do till someone offers to purchase the assets of the non-banking financial institution.

Zee group is proposing district-level committees to assess the value of assets before auctioning the properties.