Property Auction By SEBI: Market regulator SEBI has decided to auction 16 properties of 8 companies. These companies were accused of illegally collecting money from investors. Now these properties will be auctioned to recover this money. This auction will be held on January 30. 8 companies including Vibgyor Group and Pailan Group are included in the auction.
Action is being taken as per the order of Calcutta High Court
The market regulator has started the process of selling the assets of the companies as per the order of the Calcutta High Court. According to SEBI, Kolkata Weir Industries, Tower Infotech Group, GBC Industrial Corp, Teachers’ Welfare Credit and Holding, Haneman Herbal Group The properties of Hahnemann Herbal and Annex Infrastructure India Limited have also been included in this auction.
Reserve rate of Rs 47.75 crore was kept in the auction.
According to a notice from SEBI, land parcels, plots and apartments will be auctioned in West Bengal. This auction will be held at a reserve rate of Rs 47.75 crore. Quikr Realty has been appointed as the regulator to assist in the auction. Justice Shailendra Prasad Talukdar has been appointed to liquidate the assets of the firms and make payments to investors. This step is part of SEBI’s efforts to recover investors’ money.
The auction will be held online on January 30
Of these 16 properties, 5 belong to Vibgyor Group. Also, 3 towers are associated with Infotech, two each of Pailan Group and GBC Industrial and one each of Kolkata Wear Industries, Teachers Welfare Credit and Holding Group, Haneman Herbal Group and Annex Infrastructure. SEBI said that the auction will be conducted online on January 30 from 11 am to 1 pm. Clear instructions have been given to bidders to make their inquiries regarding any judicial proceedings, ownership of properties and claims separately. These companies had collected money from investors without following SEBI rules.
Money was collected by violating SEBI rules
Vibgyor had raised Rs 61.76 crore by issuing optionally fully convertible debentures in 2009. Hahnemann Herbals had issued redeemable preference shares worth Rs 23.18 crore between 2008-09 and 2012-13. Pailan Agro India Limited and Pailan Park Development Authority had raised over Rs 98 crore from the public by issuing non-convertible secured redeemable debentures. Tower Infotech raised about Rs 46 crore by issuing non-convertible debentures and redeemable preference shares between 2005 and 2010, while Haneman had raised Rs 23.18 crore between 2008-09 and 2012-13.
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