Sebi is inviting bids for the sale of properties from the bidders. (Sebi emblem)
Markets regulator Sebi on Monday mentioned it has lined up 22 properties of seven firms — together with Pailan Group, Vibgyor Group and GBC Industrial Corp group — for public sale on July 10 to get well cash illegally collected from traders.
Different companies, whose properties may also be auctioned, are Tower Infotech Group, Waris Group, Academics’ Welfare Credit score and Holding Group, and Annex Infrastructure India Ltd.
The regulator has initiated the method for the sale of belongings of the businesses as per orders by the Calcutta Excessive Court docket.
Justice Sailendra Prasad Talukdar has been appointed because the one-man committee for liquidating the belongings of the companies and repaying the traders. The transfer is a part of Sebi’s effort to get well traders’ cash.
The properties embody plots and a flat in West Bengal and they are going to be auctioned at a reserve worth of Rs 45.47 crore, in line with a discover issued by the Securities and Alternate Board of India (Sebi).
Adroit Technical Companies Ltd has been engaged by the regulator to help it within the sale of the properties.
Of the 22 properties, 10 belong to Pailan Group, Vibgyor group’s 4, GBC Industrial Corp’s three, Tower Infotech group’s two and one every of Waris Group, Annex Infrastructure India, and Academics Welfare Credit score and Holding Group.
The markets watchdog on behalf of the committee is inviting bids for the sale of properties from the bidders.
Sebi mentioned the public sale will likely be performed on-line on July 8 from 11 am to 1 pm.
These companies had mopped up cash from traders with out complying with regulatory norms.
Pailan Group — Pailan Agro India Ltd and Pailan Park Growth Authority Ltd — had mobilised over Rs 98 crore from the general public by the difficulty of non-convertible secured redeemable debentures.
Vibgyor Allied Infrastructure had issued optionally totally convertible debentures in 2009 and raised Rs 61.76 crore.
Additionally, Tower Infotech raised practically Rs 46 crore by the issuance of non-convertible debentures and redeemable choice shares between 2005 and 2010.
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First Printed: Jun 10 2024 | 7:55 PM IST