Odisha News Insight

Hi-Tech Group seeks 2 Weeks’ Time to deposit Rs 43.55 cr

Tirupati-PanigrahiControversial Real Estate owner and Chairman of Hi-Tech Group Tirupati Panigrahi has sought two weeks more from the Supreme Court to deposit the pending amount of Rs 43,55 crore in connection with the land fraud case.

The Advocate of Hi-Tech Grup told the Supreme Court that the company wants to sell off its educational institutions to repay the pending amount. Hence, they need at least two weeks’ time to complete all formalities.

The apex court had ordered Panigrahi to deposit Rs 63.55 crore. He has already deposited Rs 20 crore. Earlier, the Hi-Tech Group had sought six months’ time to repay all dues, but it was rejected by the apex court. The land fraud was completed by Rajdhani Systems & Estates (P) Ltd, a sister concern of HI-tech Estates & Promoters (P) Ltd.

The Supreme Court had granted conditional bail to the Hi-Tech Group Chairman in February 2012, who spent 13 months behind the bar for his alleged involvement in land fraud case. While the EOW claimed the fraud to the tunes of Rs 315 crore, the real estate company convinced the Supreme Court that it owes Rs 63.55 crore to the investors. The money collected from the builder, will be disbursed among the duped investors at a later stage under the parameters to be decided by the apex court.

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