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Sebi to public sale 15 properties on Nov 19 with Rs 11.89 cr reserved value | Information on Markets

15 October, 2024

These corporations had collected cash from traders with out complying with the regulatory norms. | Photograph: Shutterstock

2 min learn Final Up to date : Oct 15 2024 | 9:54 PM IST

Capital markets regulator Sebi on Monday mentioned it’s going to public sale 15 properties belonging to Mangalam Agro Merchandise, Sumangal Industries and Falkon Industries India on November 19.

The transfer is a part of Sebi’s efforts to recuperate cash collected by these corporations from traders in violation of norms.

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Ravi Kiran Realty India and Purusattam Infotech Industries are the 2 different corporations whose properties shall be auctioned by the markets watchdog.

Properties that can go beneath the hammer together with flats, land with construction and land parcels are situated in West Bengal and Odisha.

The properties shall be auctioned with a reserve value of Rs 11.89 crore and the public sale shall be carried out on-line on November 19 from 11 am to 1 pm, the Securities and Trade Board of India (Sebi) mentioned in a discover.

Sebi has invited bids for the sale of properties within the restoration proceedings in opposition to Mangalam Agro Merchandise, Sumangal Industries, Falkon Industries India, Ravi Kiran Realty India and Purusattam Infotech Industries and their promoters/administrators.

Additional, Quikr Realty has been engaged by the regulator to help it within the public sale.

As well as, Sebi suggested the bidders to make their very own impartial enquiries relating to the encumbrances, litigations, attachments, acquisition liabilities of the property, title, declare/rights/dues and so forth. in respect of the properties placed on public sale, previous to submitting their bids.

Of the 15 properties being placed on the block, seven are linked to Mangalam Agro Merchandise, three every are associated to Sumangal Industries and Falkon Industries India.

Additionally, there’s one property every of Ravi Kiran Realty India and Purusattam Infotech Industries, the markets watchdog mentioned within the discover.

These corporations had collected cash from traders with out complying with the regulatory norms.

Going by Sebi’s earlier orders, Mangalam Agro had raised Rs 11 crore from unlawful issuance of secured non-convertible debentures (NCDs) to round 4,820 traders throughout 2011-2012.

Sumangal had collected Rs 85 crore from traders via unlawful collective funding schemes (CIS). In addition to, Ravi Kiran raised funds by issuing RPS to 1,176 people.

Falkon Industries India Ltd (FIIL) had collected Rs 48.58 lakh by issuing redeemable choice shares to 714 individuals in 2009-2010.

(Solely the headline and movie of this report might have been reworked by the Enterprise Customary employees; the remainder of the content material is auto-generated from a syndicated feed.)

First Printed: Oct 15 2024 | 9:54 PM IST