Capital markets regulator Sebi stated it would promote 13 properties to 5 corporations, together with Sunheaven Agro India and RaviKiran Realty India, together with promoters and administrators on January 22 to recuperate cash illegally collected from traders.
Different corporations whose properties will likely be auctioned are Simply-Dependable Initiatives India Ltd, Orion Industries and Rakhal Bharoti Group of Firms.
The properties will likely be auctioned at a reserve worth of Rs 15.08 lakh crore, in keeping with a public notification issued by the Securities and Change Board of India (Sebi) on Monday.
These belongings embrace plots of land in West Bengal and Jharkhand. Furthermore, Sebi has appointed Quikr Realty to help within the sale of those properties.
Of the 13 properties, seven are linked to the Rakhal Bharoti group of corporations, two every from Orion Industries Ltd and Simply-Dependable Initiatives India and one every from Sunheaven Agro India and Ravikiran Realty.
Inviting bids for the sale of properties in restoration proceedings in opposition to the businesses, their promoters and administrators, Sebi stated the public sale will happen on-line on January 22, 2024 from 11 am to 1 pm.
The market watchdog requested bidders to conduct their very own impartial investigations concerning encumbrances, lawsuits, possession of auctioned properties and claims, earlier than submitting their bids.
These 5 corporations raised cash from traders with out adhering to the principles of public issuance.
Underneath the principles, an organization has to record its securities on a acknowledged inventory trade the place shares have been issued to greater than 50 people.
It was additionally required to file a prospectus, amongst different issues. Following earlier Sebi orders, Sunheaven had allotted redeemable choice shares (RPS) to round 7,772 traders and mobilized Rs 11.54 lakh crore between 2009-10 and 2012-13.
Furthermore, Ravi Kiran raised funds by issuing RPS to 1,176 people.
Orion Industries raised Rs 5.46 lakh crore between 2011 and 2013 by issuing redeemable choice shares to almost 4,200 individuals with out adhering to public situation norms specified below the Firms Act.
Furthermore, Rakhal Bharoti group of corporations of Fish and Meals Processing Ltd raised Rs 11.4 lakh by issuing redeemable secured bonds to 83 individuals throughout 2012-13 and 2013-14.
