NEW DELHI: Capital markets regulator Securities and Exchange Board of India (SEBI) said it has found buyers for three properties of Pancard Clubs in an auction held today for recovery of funds.
The e-auction for these assets was held as part of the recovery proceedings against Pancard Clubs, which had raised over Rs 7,000 crore through illegal collective investment schemes (CIS) from more than 51.55 lakh investors between 2002-03 and 2013-14.
These properties are United 21 Royal Resort at Ajmer in Rajasthan, shop at Panvel in Navi Mumbai and office at Goregaon in Mumbai.
After the e-auction, Sebi has declared Richa Buildcon as “the highest bidder” for the resort with a bid value of Rs 1.84 crore, one Dimple Barola has emerged as the highest bidder for the office space with a bid amount of Rs 1.33 crore and Dilip Dipchand Manwani for the shop with a bid amount of Rs 67.42 lakh.
While the bidders had submitted earnest money and inspection charges, Sebi, in three separate orders, today asked them to deposit the balance amount along with “poundage fee” of 1 per cent of bid amount.
Pancard Clubs had failed to comply with SEBI’s direction in February 2016 ordering the company to refund the amount raised through illegal collective investment schemes (CIS) to investors. It had mobilised Rs 7,035 crore from 51,55,516 investors from 2002-03 to 2013-14.
Subsequently, the markets regulator had initiated recovery proceedings in the case and attached the properties belonging to the firm and its directors.
Since the entities failed to repay the dues, the SEBI been auctioning properties of the company. During December-May, it had auctioned nearly three dozen properties of Pancard Clubs and its late chairman and managing director.
Source: Press Trust of India