Sebi to auction PVP Ventures property on May 12

New Delhi: MARKETS regulator Sebi on Monday said it will auction a property of PVP Global Ventures at a reserve price of Rs 22.55 crore on May 12, to recover dues.

The property to be put on sale is a vacant land situated in Telangana, the Securities and Exchange Board of India (Sebi) said in a notice. "The said properties standing in the names of Arete Real Estate Developers Private Limited and Expressions Real Estates Private Limited were attached in the recovery proceedings, as offered by the said entities along with no objection for realisation of the dues from Prasad V Potluri and PVP Global Ventures Private Limited, through sale thereof," Sebi noted.

The regulator has engaged Quikr Realty Ltd to assist it for the sale of the property, through e-auction platform, C1 India. In the notice, Sebi has invited bids by May 10, from the intending bidders along with an amount equivalent of 10 per cent of the reserve price as earnest money deposit (EMD) for the sale of the property. The online auction will take place on May 12, between 11 am and 12 pm.

The intending bidders should make their own independent enquiries regarding the encumbrances, litigations, attachments, acquisition liabilities of the asset in respect of the property put on auction, prior to submitting their bid, as per the notice.

"The successful bidder shall have to deposit 25 per cent of the successful bid amount (inclusive of EMD amount), immediately after the close of the auction and the balance amount along with 1 per cent of highest bid amount as poundage fee within 15 days from close of auction," it added.

In March 2015, Sebi had imposed a fine of Rs 15.15 crore each on PVP Global Ventures (formerly known as PVP Energy) and Potluri for allegedly indulging in insider trading and not complying with disclosure norms.