Sebi to Auction Properties of Companies in Violation of Regulations
The Securities and Exchange Board of India (Sebi) has made an important announcement regarding the auction of properties belonging to several companies. Sebi, the capital markets regulator, will be auctioning 15 properties on November 19 as part of its efforts to recover funds that these companies collected from investors in violation of regulations. The properties, consisting of flats, land with structures, and land parcels, are spread across West Bengal and Odisha.
Online Auction with a Reserve Price of Rs 110.89 Crore
Sebi has set the stage for an online auction, inviting bids for the sale of properties in the recovery proceedings against companies like Mangalam Agro Products, Sumangal Industries, Falkon Industries India, Ravi Kiran Realty India, and Purusattam Infotech Industries. The auction will be held on November 19, from 11 am to 1 pm. The regulator has fixed a reserve price of Rs 110.89 crore for these properties.
Quikr Realty to Assist in the Auction Process
To streamline the auction proceedings, Sebi has enlisted the assistance of Quikr Realty. Known for its expertise in the real estate domain, Quikr Realty will play a crucial role in ensuring a smooth and efficient process for interested bidders.
Due Diligence Recommended for Bidders
Sebi has emphasized the importance of due diligence for prospective bidders. The regulatory body advises bidders to thoroughly investigate any potential encumbrances, litigations, attachments, acquisition liabilities, title claims, rights, and dues associated with the properties.
Breakdown of Properties
Of the 15 properties up for auction, Mangalam Agro Products accounts for seven, while Sumangal Industries and Falkon Industries India possess three properties each. Thus, these companies and their directors find themselves at the center of this auction.
Recovering Funds and Protecting Investors’ Interests
The auctioning of properties belonging to these companies represents Sebi’s commitment to enforcement and ensuring the fair treatment of investors. By recovering funds amassed in violation of regulations and holding these companies accountable, Sebi aims to protect the interests of investors and maintain the integrity of the capital markets.
Sebi’s proactive efforts highlight the watchdog’s dedication towards maintaining trust and accountability within India’s financial sectors. With their rigorous approach towards regulation enforcement, Sebi continues to exhibit its commitment to investor protection and market transparency.
