SEBI will auction 16 properties of 8 companies on Jan. 30.

SEBI will auction 16 properties of 8 companies on Jan. 30.

New Delhi, January 5 (SW) The Securities and Exchange Board of India (Sebi) announced on Friday that it has scheduled the auction of 16 properties belonging to eight companies. This includes the Vibgyor group of companies and the Pailan group of companies. The purpose of this auction, set to take place on January 30, is to recover funds that were unlawfully collected from investors.

Other firms whose properties will also be auctioned include Kolkata Weir Industries, Tower Infotech group, GBC Industrial Corp group, Teachers’ Welfare Credit and Holding group, Hahnemann Herbal group and Annex Infrastructure India Ltd.

The regulator has started the process of selling the assets of the companies in accordance with the orders from the Calcutta High Court.

Justice Sailendra Prasad Talukdar has been chosen to serve as the sole committee member responsible for liquidating the assets of the firms and ensuring that the investors are repaid. The move is a reflection of Sebi’s commitment to safeguarding investors’ funds.
The properties consist of land parcels, plots, and apartments in West Bengal. According to a Sebi notice, there will be an auction with a reserve price of Rs 47.75 crore.

In addition, the regulator has enlisted the services of Quikr Realty to facilitate the sale of the properties.

Out of the 16 properties, there are different companies associated with each. The Vibgyor Group has five properties; Tower Infotech has three; Pailan Group and GBC Industrial Corp have two each; and Kolkata Weir Industries, Teacher’s Welfare Credit and Holding Group, Hahnemann Herbal Group, and Annex Infrastructure India Ltd each have one property.

The market watchdog, acting on behalf of the committee, is seeking bids for the sale of properties from interested bidders.

Sebi has announced that the auction will take place online on January 30 from 11 a.m. to 1 p.m.

Before submitting their bids, prospective bidders are strongly encouraged to conduct their own thorough investigations into any encumbrances, litigations, property titles, and claims in order to comply with the regulator’s requirement.

These firms have collected funds from investors without adhering to regulatory requirements.

Vibgyor Allied Infrastructure issued optionally fully convertible debentures in 2009, raising Rs 61.76 crore. Similarly, Hahnemann Herbals Ltd. issued redeemable preference shares worth Rs 23.18 crore between 2008–09 and 2012–13.

Through the issuance of non-convertible secured redeemable debentures, the Pailan Group, which is comprised of Pailan Agro India Ltd. and Pailan Park Development Authority Ltd., was able to raise more than 98 crore rupees from the general public.

Between the years 2005 and 2010, Tower Infotech was able to raise close to Rs 46 crore by issuing non-convertible debentures and redeemable preference shares. On the other hand, Hahnemann Herbals was able to raise Rs 23.18 crore between 2008–2009 and 2012–13.

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