Sebi to auction properties of MPS group, 4 others to recover investors' money
Total reserve price of these properties is pegged at about Rs 64 cr by mkt regulator; Auction will be conducted through online mode on June 30 during 11 am to 1 pm
New Delhi: To recover investors' money, capital markets regulator Sebi on Monday said it will auction properties belonging to companies of MPS Group, Vibgyor Group, Prayag Group, Pailan Group and Multipurpose BIOS India Group on June 30 for a reserve price of nearly Rs 64 crore.
These companies had raised funds from investors without complying with regulatory norms. The 20 properties put on the block, which include land parcels, storied buildings, an office space, a commercial space and a flat, are situated across West Bengal, the Securities and Exchange Board of India (Sebi) said in a notice. Inviting bids, Sebi said auction of the properties will be conducted through online mode on June 30 during 11 am to 1 pm.
Out of the properties being put on the block, 13 belong to MPS Group of companies, 3 relate to Multipurpose BIOS India Group of companies, 2 belong to Vibgyor Group of companies and one each of Prayag Group of companies and Pailan Group of companies.
Total reserve price of these properties is pegged at about Rs 64 crore, as per the notice. Quikr Realty has been engaged by Sebi to assist it in sale of the properties.
The regulator said the bidders should make their own independent enquiries regarding the encumbrances, title of properties put on auction and claims, among others, prior to submitting their bids. "The properties are being sold with all the existing and future encumbrances whether known or unknown to Sebi.