SEBI To Auction Properties Of Five Companies On January 22

The properties will be auctioned at a reserve price of Rs 15.08 crore, according to a public notice issued by the SEBI on Monday said. These assets include land parcels in West Bengal and Jharkhand

SEBI said the auction will be conducted online on January 22, 2024 from 11 am to 1 pm.

Source : Getty

Capital markets regulator SEBI has said it will auction 13 properties of five companies, including Sunheaven Agro India and RaviKiran Realty India, along with that of promoters and directors on January 22 to recover money illegally collected from investors. The other firms whose properties will be auctioned are Just-Reliable Projects India Ltd, Orion Industries, and Rakhal Bharoti group of companies.

The properties will be auctioned at a reserve price of Rs 15.08 crore, according to a public notice issued by the Securities and Exchange Board of India (SEBI) on Monday said. These assets include land parcels in West Bengal and Jharkhand.

Further, Quikr Realty has been engaged by SEBI to assist in the sale of these properties. Of the 13 properties, seven are related to Rakhal Bharoti group of companies, two each of Orion Industries Ltd and Just-Reliable Projects India and one each of Sunheaven Agro India, and Ravikiran Realty.

Inviting bids for the sale of the properties in the recovery proceedings against the companies and their promoters and directors, SEBI said the auction will be conducted online on January 22, 2024 from 11 am to 1 pm.

The markets watchdog has asked the bidders to make their own independent enquiries regarding the encumbrances, litigations, title of the properties put on auction and claims, before submitting their bids. These five companies had collected money from investors without complying with the public issue norms.

Under the rules, a firm is required to list its securities on the recognised bourse as the shares were issued to more than 50 individuals. It was also required to file a prospectus, among other things.

Going by SEBI's earlier orders, Sunheaven allotted Redeemable Preference Shares (RPS) to about 7,772 investors and mobilised Rs 11.54 crore between 2009-10 and 2012-13. Besides, RaviKiran raised funds by issuing RPS to 1,176 individuals.

Orion Industries collected Rs 5.46 crore between 2011 and 2013 by issuing redeemable preference shares to nearly 4,200 people without complying with the public issue norms specified under the Companies Act.

Further, Rakhal Bharoti group of companies' Fish and Food Processing Ltd raised Rs 11.4 lakh by issuing secured redeemable debentures to 83 people during 2012-13 and 2013-14. 

(This report has been published as part of the auto-generated syndicate wire feed. No editing has been done in the headline or the body by ABP Live.)