Sebi Keeps 28 Properties On The Block
Regulator will auction assets of 5 firms next month
Sebi Keeps 28 Properties On The Block
New Delhi: Capital markets regulator Sebi will auction 28 properties of five companies, including Bishal Group and Sumangal Industries, on January 27, to recover money illegally collected from investors by these companies.
The properties will be auctioned for a reserve price of Rs28.66 crore. Ravi Kiran Realty India, Mangalam Agro Products , and Purusattam Infotech Industries are the other companies, whose properties will be auctioned. The properties that will go under the hammer include flats, residen-tial property and flats, land parcels, plots, and land with building structures located in West Ben-gal and Odisha. These properties will be auctioned at a reserve price of Rs28.66 crore, according to a notice issued by the Securities and Exchange Board of India (Sebi) on December 19. The markets watchdog invited bids for the sale of properties in the recovery proceedings against the five firms, along with their promoters/directors, it said. The move is part of Sebi’s efforts to re-cover investors’ money.
Further, Adroit Technical Services has been appointed by the regulator to assist it in the sale of properties. Of the 28 properties being put on the block, 17 are linked to Bishal Group, 6 to Man-galam Agro Products, 3 are related to Sumangal Industries, and 1 each to Purusattam Infotech Industries and Ravi Kiran Realty India. Sebi said the auction will be conducted online on Janu-ary 27, 2025, from 11 am to 1 pm.
The regulator has asked the bidders to make their independent enquiries regarding the encumbrances, litigations, title of the properties put on auction and claims before submitting their bid. These entities had mobilised money from the investors without com-plying with the market regulations. Going by Sebi's earlier orders, Mangalam Agro had raised Rs11 crore from the illegal issuance of secured non-convertible debentures (NCDs) to around 4,820 investors during 2011-2012, while Sumangal had collected Rs 85 crore from investors through illegal collective investment schemes (CIS).
