The next four weeks will be crucial for lakhs of customers of AgriGold Group of Companies as the High Court of Judicature at Hyderabad for Andhra Pradesh and Telangana will make a detailed study of the proposal of the Zee TV Subash Chandra’s Essel Company and would assess its financial stability, according to AgriGold Customers and Agents Welfare Association president Muppalla Nageswara Rao here on Monday.
Speaking to mediapersons, he said that the company had submitted an affidavit expressing its willingness to buy the AgriGold properties and had deposited ₹10 crore as directed by the High Court.
Stir put off
He said following the recent favourable development, the association has postponed two of its agitations — blocking the National Highways and a massive fast-unto–death programme at Amaravati.
“Chief Minister N. Chandrababu Naidu should ensure the smooth transfer of properties to Essel Group of companies which should benefit all the 32 lakhs customers spread over eight States, including Andhra Pradesh,” he said.
However, Mr. Rao cautioned the government that the family members of the AgriGold might create legal hurdles preventing the takeover.
He said the announcement by State Planning Board Vice-Chairman C. Kutumba Rao that the particulars of the deposits and details of customers will be put online in a week’s time was also a welcome sign.
Mr. Rao said that the State government had earlier released ₹ 1 crore towards payment of compensation to the 149 customers who had committed suicide. “The paper work for another ₹4 crore is also completed and soon a GO will be released,” he said. He also appreciated the State government move to attach an AgriGold’s Tirupati property, costing ₹14 crore, which was sold recently by AgriGold chief’s relative.