NEW DELHI: Securities and Exchange Board of India (SEBI) will auction as many as six properties of four companies, including Swar Agrotech and Life Care Infratech, next month at a reserve price totalling Rs 5 crore as the market regulator looks to recover investors’ money.
Properties of Servehit Housing and Infrastructure India as well as Raghav Capital and Infrastructure will also go under the hammer.
The auction of these land parcels spread across Uttar Pradesh and Haryana will be conducted on November 11, Sebi said in a notice issued on Friday.
Out of the six properties being put on the block, two each belong to Swar Agrotech India and Life Care Infratech; and one each of Raghav Capital and Servehit Housing.
The reserve price of these properties amounts to Rs 4.74 crore.
The move is part of an effort by the Securities and Exchange Board of India (Sebi) to recover money that these companies had illegally mobilised from people.
Swar Agrotech, Raghav Capital, Servehit Housing had mobilised funds from the public through Collective Investment Scheme (CIS), without getting regulatory approvals, while Life Care Infratech had raised funds from investors through issuance of securities without complying with the public issue norms.
The regulator has engaged SBI Capital Markets to assist it for sale of these properties through e-auction platform.
The interested candidates can inspect the properties on during November 12-16, Sebi said, adding that bidders should make their own independent enquiries regarding the encumbrances, title of properties put on auction and claims, among others, prior to submitting their bids.
Source: Press Trust of India