Sebi to sell 8 firms' properties to recover illegally raised money from investors

The regulator has initiated the process for sale of assets of the companies as per orders by the Calcutta High Court.

Update: 2024-01-06 04:47 GMT

New Delhi:  Markets regulator Sebi on Friday said it has lined up 16 properties of eight companies, including Vibgyor group of companies, Pailan Group of companies, on January 30 to recover money illegally collected from investors.

The other firms whose properties will also be auctioned are 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 initiated the process for sale of assets of the companies as per orders by the Calcutta High Court.

Justice Sailendra Prasad Talukdar has been appointed as the one-man committee for liquidating the assets of the firms and repaying the investors. The move is part of Sebi's effort to recover investors' money.

The properties include land parcels, plots and apartments in West Bengal and they will be auctioned at a reserve price of Rs 47.75 crore, according to a notice issued by Sebi.

Further, Quikr Realty has been engaged by the regulator to assist it in sale of the properties.

Of the 16 properties, five are related to the Vibgyor group, three to Tower Infotech, two each of Pailan group and GBC Industrial Corp, and one each of Kolkata Weir Industries, Teacher's Welfare Credit and Holding group, Hahnemann Herbal group, and Annex Infrastructure India Ltd.

The markets watchdog on behalf of the committee is inviting bids for the sale of properties from the bidders.

Sebi said the auction will be conducted online on January 30 from 11 am to 1 pm.

The regulator has asked the bidders to make their own independent enquiries regarding the encumbrances, litigations, title of the properties put on auction and claims, before submitting their bid.

These firms had mopped up money from investors without complying with regulatory norms.

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

Pailan Group -- Pailan Agro India Ltd and Pailan Park Development Authority Ltd -- had mobilised over Rs 98 crore from the public through the issue of non-convertible secured redeemable debentures.

Tower Infotech had raised nearly Rs 46 crore through issuance of non-convertible debentures and redeemable preference shares between 2005 and 2010, while Hahnemann Herbals had mobilises Rs 23.18 crore between 2008-09

Tags:    

Similar News