Essel-Zee group to take over the Agri Gold group of companies

In a new twist to the scam-hit Agri Gold case, the Subhash Chandra Foundation of Essel-Zee group, which had earlier gone back on its proposal to take over the Agri Gold group of companies, has now come forward to take over the companies’ properties, including those attached by the CIDs of Andhra Pradesh and Telangana states, by paying Rs 4,000 crore.It said it would complete the purchase process in four years and pay the depositors’ money in a phased manner within the said period. Senior counsel Sri Raghuram, appearing for the foundation, made this submission on Friday before a High Court division bench of justices V Ramasubramanian and S V Bhatt dealing with a batch of petitions filed by Telangana Agri Gold customers and agents welfare association and others.

HC relief to Badangapet municipal chairman

In a relief to Badangapet municipal chairman Sama Narasimha Goud, a division bench of the Hyderabad High Court on Friday stayed the notice issued by the Ranga Reddy district collector relating to no-confidence motion against the chairman. As a result, the no-confidence motion to be held on August 4 was stayed.While admitting the petition filed by Narasimha Goud, the bench comprising Chief Justice TBN Radhakrishnan and Justice V Ramasubramanian issued notices to Telangana state principal secretary to municipal administration and others.