Markets regulator, the Securities and Exchange Board of India (SEBI) is set to auction 19 properties, including buildings, flats and land parcels belonging to seven companies today, on August 12, PTI reported.
The companies are Jivan Sathi Dream Projects, Mangalam Agro Products, Purusattam Infotech Industries, Sun Plant Business, Ravi Kiran Realty India, Sumangal Industries, and Sunheaven Agro India, as per a notice.
Through these sales SEBI aims to recover money illegally collected by these companies and their promoters/directors from investors.
Properties located in Odisha and West Bengal, including land with building structure, flats, land parcels and land with structures are to be auctioned for a reserve price of ₹20.74 crore, according to the SEBI notice issued on July 10, PTI reported.
The auction will take place between 11 am to 1 pm today, on August 12, it added. The markets watchdog has engaged Adroit Technical Services to assist it in the auction.
Bidders have been directed to “make their own independent enquiries regarding the encumbrances, litigations, attachments, of the property, title, claim/rights/dues etc,” regarding the properties on auction, before submitting their bid.
Of the 19 properties being put on the block, seven are linked to Mangalam Agro Products, four to the Sun Plant Business, three related to Sumangal Industries, two properties of Jivan Sathi Dream Projects, and one property each of Sunheaven Agro India, Ravikiran Realty India and Purusattam Infotech Industries, as per the notice.
These companies had collected money from investors without complying with the market norms.
Going by SEBI's earlier orders, Sunheaven allotted Redeemable Preference Shares (RPS) to about 7,772 investors and mobilised ₹11.54 crore between 2009-10 and 2012-13. Besides, RaviKiran raised funds by issuing RPS to 1,176 individuals.
Mangalam Agro had raised ₹11 crore from illegal issuance of secured non-convertible debentures (NCDs) to around 4,820 investors during 2011-2012, while Sun Plant Business had collected ₹4.17 crore from 2005 to 2008.
Sumangal had collected ₹85 crore from investors through illegal collective investment schemes (CIS).
(With inputs from PTI)
