Essel-Zee not to take over Agri Gold
The Essel Group filed an affidavit seeking the court to permit them to withdraw their proposal and also refund Rs 10 crore.
Hyderabad The Essel-Zee Group’s Subhash Chandra Foundation on Tuesday informed the Hyderabad High Court that it is withdrawing its proposal to takeover the Agri Gold Group of Companies.
The Essel Group filed an affidavit seeking the court to permit them to withdraw their proposal and also refund Rs 10 crore deposited for the takeover process.
It told the court that in view of refusal of their proposal by the AP government to takeover the Agri Gold Group of Companies by paying Rs 4,000 crore in a phased manner.
It also told the court that it has been going back from its move in view of the non- cooperation of the management of Agri Gold Group and also the lending banks and also rejection of their proposal by depositors and the agents of Agri Gold.
It submitted that the management of the Agri Gold claiming that it had properties of worth Rs 25,000 crore, but as per their evaluation the value of the property was between Rs 1,600 to Rs 2, 000 crore.