SEBI to Auction Properties Belonging to HBN Dairies & Allied
The Securities and Exchange Board of India (SEBI) has announced its plan to auction eight properties belonging to HBN Dairies & Allied as part of its effort to recover funds raised through unauthorized collective investment schemes. The reserve price for the properties has been set at Rs 670.70 million. The decision to auction these assets comes after HBN Dairies & Allied and its directors failed to refund investors’ money.
Supreme Court Order Enables SEBI to Sell HBN Dairies & Allied Assets
SEBI’s decision to sell the assets of HBN Dairies & Allied is in accordance with a Supreme Court order from May 14, 2024. The court authorized SEBI to sell the company’s assets with the active participation of the liquidator. This move aims to recover the funds amassed through unauthorized schemes and bring closure to the investors affected by HBN Dairies & Allied’s fraudulent activities.
Wide Range of Assets Up for Auction
The properties set for auction include a shopping mall-cum-multiplex, a hotel, plots, and commercial shops. These assets are located in New Delhi, Punjab, Madhya Pradesh, Gujarat, and Maharashtra. The reserve price for all the properties is set at Rs 670.70 million. Potential bidders are advised to conduct independent investigations to ensure awareness of any encumbrances, litigations, attachments, and acquisition liabilities associated with the properties before submitting their bids.
SEBI Collaborates with Quikr Realty and C1 India for E-Auction
To facilitate the auction process, SEBI has engaged the services of Quikr Realty and appointed C1 India as the e-auction service provider. Quikr Realty’s expertise in the real estate market will ensure a streamlined auction process, while C1 India’s proficiency in e-auction platforms will enable a fair and transparent bidding experience for prospective buyers.
This move by SEBI aims to provide an opportunity for interested parties to acquire assets at a reasonable price while recovering funds for the investors affected by HBN Dairies & Allied’s fraudulent schemes. The auction of these properties represents a significant step towards holding accountable those who engage in unauthorized collective investment schemes, helping to restore the faith of investors in the transparency and credibility of the Indian financial market.+(property:HBN)
