The markets regulator, the Securities and Exchange Board of India (SEBI) is scheduled to auction 19 properties, including buildings, flats and plots of land belonging to seven companies today, August 12, PTI reported.
He companies They are Jivan Sathi Dream Projects, Mangalam Agro Products, Purusattam Infotech Industries, Sun Plant Business, Ravi Kiran Realty India, Sumangal Industries and Sunheaven Agro India, according to a notice.
Through these sales, SEBI aims to recover the money illegally raised by these companies and their promoters/directors. investors.
What will be auctioned?
Properties located in Odisha and West Bengal including land with building structure, apartments, plots of land and land with structures will be auctioned for a reserve price of ₹20.74 crore, according to the SEBI notice issued on July 10, PTI reported.
He auction The auction will take place between 11:00 and 13:00 today, August 12, it added. The market watchdog has contracted Adroit Technical Services to assist with the auction.
Bidders have been directed to “conduct their own independent investigations into liens, disputes, property liens, title, claims/rights/fees, etc.,” with respect to the properties at auction, before submitting your bid.
Details about illegal money raised from investors
Of the 19 properties to be put up for sale, seven are linked to Mangalam Agro Products, four to Sun Plant Business, three related to Sumangal Industries, two properties to Jivan Sathi Dream Projects and one property each to Sunheaven Agro India, Ravikiran Realty India and Purusattam Infotech Industries, the notice said.
These companies had raised money of investors without complying with market rules.
Passing through SEBI In previous orders, Sunheaven allotted redeemable preference shares (RPS) to about 7,772 investors and mobilized ₹11.54 crore between 2009-10 and 2012-13. In addition, RaviKiran raised funds by issuing RPS to 1,176 individuals.
Mangalam Agro had raised ₹11 crore rupees illegal issue of secured non-convertible debentures (NCDs) to around 4,820 investors during 2011-12, while Sun Plant Business had raised ₹4.17 crore between 2005 and 2008.
Sumangal had collected ₹85 crore investors through illegal collective investment schemes (CIS).
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