SEBI To Auction 13 Properties Of Bishal Group Of Companies, NVD Solar On Dec 12

The properties will be auctioned at a reserve price of over Rs 17 crore, according to a public notice issued by the Securities and Exchange Board of India

The SEBI will auction these properties include land parcels and flats in West Bengal.

Source : Getty

Capital markets regulator SEBI on Thursday said it will auction 13 properties belonging to Bishal Group of companies and NVD Solar on December 12 to recover money illegally collected from investors. The properties will be auctioned at a reserve price of over Rs 17 crore, according to a public notice issued by the Securities and Exchange Board of India (SEBI).

Of the 13 properties, eight are related to Bishal Group of companies (Bishal Abasan India Ltd, Bishal Distillers Ltd, Bishal Agri-Bio Industries Ltd, Bishal Horticulture and Animal Projects Ltd) and five belong to NVD Solar. These properties include land parcels and flats in West Bengal.

Inviting bids for the sale of properties in the recovery proceedings against the companies and their promoters and directors, Sebi said the auction will be conducted online on December 12 from 10.30 am to 12.30 pm.

Adroit Technical Services has been appointed as the e-auction service provider. The regulator has asked the bidders to make their own independent inquiries regarding the encumbrances, title of properties put on auction and claims, among others, before submitting their bids.

According to the regulator, the four firms had mobilised funds by issuing Redeemable Preference Shares (RPS) to more than 49 people without complying with the public issue norms.

While Bishal Distillers had raised Rs 4 crore, Bishal Agri-Bio Industries and Bishal Horticulture and Animal Projects had mobilised Rs 3 crore and Rs 2.84 crore, respectively. All these funds were mobilised between 2006 and 2014.

Also, Bishal Abasan India raised Rs 2.75 crore by allotting RPS during 2011-12, apart from mopping up Rs 89 crore through the issuance of non-convertible debentures during 2012-14.

NVD Solar had raised Rs 595 crore through the issuance of fresh equity shares to more than 1 lakh entities during 2012-13 without complying with the regulatory provisions applicable for a public issue. 

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