Sebi to auction properties of seven companies on August 21 to recover investors’ money, ET RealEstate

July 19, 2023
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NEW DELHI: Sebi on Tuesday said it will auction 15 properties of seven companies, including Sunheaven Agro India and RaviKiran Realty India, along with that of promoters and directors on August 21 to recover money illegally collected from investors.

The other firms whose properties will be auctioned are — Infocare Infra, Bharat Krishi Samridhi Industries Ltd, GSHP Realtech Ltd, Just-Reliable Projects India Ltd, and Newland Agro Industries Ltd.

The properties will be auctioned at a reserve price of Rs 13 crore, according to a public notice issued by the Securities and Exchange Board of India (Sebi).

These assets include land parcels and a residential building located in West Bengal.

Of the 15 properties, four relate to Bharat Krishi Samriddhi Industries, three each of Just-Reliable Projects India and Newland Agro Industries, two related to Sunheaven and one each of RaviKiran Realty India, Infocare Infra and GSHP Realtech.

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 August 21 from 11 am to 1pm.

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.

These seven companies had collected money from investors without complying with the public issue norms.

Under the norms, 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 and RaviKiran raised funds by issuing RPS to 1,176 individuals.

Further, GSHP Realtech collected money from 535 individuals in 2012-13 by issuing Non-Convertible Redeemable Debentures (NCDs), Infocare Infra mopped up Rs 98.35 lakh by allotting NCDs to 90 investors and Bharat Krishi garnered funds from the public through issuance of RPS and NCDs in 2012 and 2013.

  • Published On Jul 18, 2023 at 04:00 PM IST

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