Hyderabad: The Telangana High Court, which is hearing cases related to the AgriGold scam, approved an AP government proposal to disburse Rs 1,150 crore to depositors from the state who have invested Rs 20,000 or less in the company.
A division bench headed by Justice M.S. Ramachandra Rao asked the AP government to complete the process before March 31, 2021.
Explaining how it would identify genuine depositors to make the payment, the AP government told the court that the CID would gather details of the depositors through ward secretariats.
The details would be vetted by the CID deputy superintendent of police and the revenue divisional officer. The secretary of the District Legal Services Authority, the collector and the superintendent of police would the certify the details.
The AP government said that it would deposit the money directly into the bank accounts of eligible depositors through the respective collector.
On a request of the AP government to transfer AgriGold related cases to the AP High Court, the bench said that the Chief Justice of the Telangana High Court had been vested with the power to transfer the case.
The court said that it would hear regularly all the cases related to AgriGold which were filed by depositors, bankers, bidders for the auction of the company’s property so that they can be paid.
