AgriGold Properties to be Sold on February 1

Hyderabad: Finally, the depositors of AgriGold got some certainty about receiving their money back.The Andhra Pradesh-Telangana joint High Court on Thursday fixed February 1 for selling AgriGold's properties located in Hyderabad, Vijayawada, Bengaluru and elsewhere to pay back the deposits.

The court instructed the three-member committee that is taking care of the depositors' issues to work out the value of the properties and the total amount of depositors' dues. It is estimated that the six properties identified for disposal can fetch around Rs3,500 crore. However, the total dues are around Rs6,500 crore. If the sale proceeds are not sufficient, other properties will be sold. The court also instructed the officials to pay an interest of 0.25 percent. However, the interest may be paid later if the money is not sufficient for payment of the deposit amounts.

The court strictly warned the depositors against going to media until the issue is resolved. The case will come up for next hearing on January 8.