Sebi puts 30 properties of 7 firms on the block
The auction is scheduled on May 15
image for illustrative purpose
New Delhi: Markets regulator Sebi will auction 30 properties of seven companies, including Mangalam Agro Products and Purusattam Infotech Industries, on May 15 to recover money illegally collected from investors.
The properties will be auctioned for a reserve price of nearly Rs25.64 crore. The other companies, whose properties will also be auctioned, are Bishal Group of Companies, NVD Solar Ltd, Sun Plant Business, Sumangal Industries Ltd and Jivan Sathi Dream Projects. Properties that will go under the hammer include land parcels, land with building structures and flats in West Bengal and Odisha. It will be auctioned at a reserve price of Rs 25.64 crore, according to a notice issued by the Securities and Exchange Board of India (Sebi). Sebi invited bids for the sale of properties in the recovery proceedings against Mangalam Agro Products, Purusattam Infotech Industries, Jivan Sathi Dream Projects, Sun Plant Business, Bishal group, Sumangal Industries and NVD Solar, along with their promoters/ directors, it said.
The move is part of the markets watchdog’s effort to recover investors’ money. Further, Adroit Technical Services has been engaged by the regulator to assist it in the sale of the properties. Of the 30 properties being put on the block, 9 are linked to Mangalam Agro Products, 6 to the Bishal group of companies, five related to directors of NVD Solar, four of Sun Plant Business Ltd, and three properties of Sumangal Industries.
