Aside from these, the regulator has placed on block properties of
The 17 properties being auctioned embody land parcels, storied buildings, flats, and a business area located throughout West Bengal.
Inviting bids, Sebi mentioned public sale of the properties might be carried out by on-line mode between 11 am and 1 pm. Additional, whole reserve value has been pegged at Rs 51 crore for the property and Quikr Realty has been engaged by Sebi to help within the sale of those properties.
Of the whole properties to be auctioned, 5 belong to MPS Group, 4 relate to Vibgyor, three pertain to Pailan Group of firms, two belong to Tower Infotech and one every to Multipurpose BIOS India Group, Prayag Group and Waris Finance.
The regulator mentioned the bidders ought to make their very own impartial enquiries relating to encumbrances, the title of properties placed on public sale and claims, amongst others previous to submitting their bids.
These corporations had raised funds from buyers with out complying with regulatory norms, which prompted Sebi to take motion.
Earlier, the regulator had connected a few of their properties after directives asking them to refund buyers’ cash together with curiosity didn’t materialise. In these issues, the markets regulator had additionally connected demat and financial institution accounts.
Going by the Sebi orders, the MPS Group of firms together with MPS Greenery Builders collected Rs 1,520 crore from buyers by unlawful Collective Funding Schemes (CIS).
Prayag Infotech had made a proposal of redeemable desire shares between 2007-2008 and 2011-12 and mobilised not less than Rs 131.37 crore from over 1.57 lakh buyers.
Vibgyor Allied Infrastructure had issued optionally totally convertible debentures to 49,562 buyers in 2009 and raised Rs 61.76 crore.
Tower Infotech had raised almost Rs 46 crore from greater than 49,000 buyers by issuance of non-convertible debentures (NCDs) and redeemable desire shares between 2005 and 2010.
Multi-Function Bios collected Rs 5.97 crore from greater than 1,460 individuals by redeemable desire shares between the monetary yr 2007-08 and 2011-12, and Waris Finance raised Rs 5.12 crore by issuing NCDs from 2010-12.
The Kolkata-based Pailan Group – Pailan Agro India Ltd and Pailan Park Growth Authority Ltd – had mobilised over Rs 98 crore from the general public by the problem of non-convertible secured redeemable debentures.
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