Disposing of a batch of writ petitions and a PIL petition, Telangana High Court on Friday transferred all the pleas connected to Agri-Gold and Akshaya Gold depositors to a designated court in Eluru of West Godavari district in Andhra Pradesh.
A bench of Chief Justice Satish Chandra Sharma and Justice Abhinand Kumar Shavili said the amount of ₹50.42 crore accrued through sale of Agri-Gold assets should also be transferred to Eluru court. The bench directed the Registrar to transfer the entire amount deposited, along with the interest accrued, to Eluru court.
In 2015, Agri-Gold Depositors Association moved the HC through a PIL petition seeking a probe into the company affairs by CBI and return of their deposits from the company. While the HC heard the matter, eventually promoters of the company were arrested following registration of criminal cases.
Several depositors, private persons and banks which gave loans to the two companies and also filed individual petitions with specific prayers relating to the assets and deposits of the two companies. During the course of the hearing of the petitions, some assets of Agri-Gold were auctioned and the sale proceeds were deposited in the bank account for distribution among the depositors.
When the batch of petitions came up for hearing on Friday, the bench decided that all the matters be transferred to Eluru court since it was the designated court under AP Protection of Depositors Act for adjudication of disputes. The bench suggested to the depositors to move Eluru court for securing return of their deposits.
Lawyer Arjun Kumar contended that only after the HC started hearing the PIL plea and other petitions and passed directions, the authorities started investigation. The auction of assets of the companies was done as per the HC directions. Andhra Pradesh Special Government Pleader Govind told the bench that government constituted the special court at Eluru to hear all matters related to AP Depositors Protection Act.
A separate appellate authority was also created in this regard. Only those who challenge the appellate authority decisions can move the HC, he contended.
