Securities and Exchange Board of India will auction 19 properties in West Bengal and Odisha owned by seven companies on Monday. The auction is part of the regulator's initiative to recover funds that were illegally collected from investors by these companies.
The companies whose immovable properties will be auctioned include Sumangal Industries Ltd, Sunheaven Agro India Ltd, Ravikiran Realty India Ltd, Mangalam Agro Products Ltd, Purusattam Infotech Industries Ltd, Jivan Sathi Dream Projects Ltd and Sun Plant Business Ltd.
The properties up for auction include a range of assets such as land with building structures, flats, and land parcels.
These properties will be auctioned for a reserve price of Rs 20.74 crore, the market regulator said in a notice last month. The auction will take place online between 11:00 a.m. to 1:00 p.m. Monday. Each of the property will be sold in a single lot.
SEBI has engaged Adroit Technical Services Pvt. to assist it in the auction.
The securities watchdog advised the bidders to make their own independent enquiries regarding the encumbrances, litigations, attachments, of the property, title, claim/rights/dues, etc, in respect of the properties put on auction, prior to 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 each of Sunheaven Agro India, Ravikiran Realty India and Purusattam Infotech Industries.
These companies had collected money from investors without complying with the market norms.
Going by SEBI's earlier orders, Sunheaven allotted redeemable preference shares to about 7,772 investors and mobilised Rs 11.54 crore between 2009-10 and 2012-13. Besides, RaviKiran raised funds by issuing these instruments to 1,176 individuals.
Mangalam Agro had raised Rs 11 crore from illegal issuance of secured non-convertible debentures to around 4,820 investors during 2011-2012, while Sun Plant Business had collected Rs 4.17 crore from 2005 to 2008.
Sumangal had collected Rs 85 crore from investors through illegal collective investment schemes.
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