SEBI to auction properties of 4 companies
Sets reserve price at ₹5 crore; move is aimed at recovering investors’ money
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 ₹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. 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 ₹4.74 crore.
The move is part of an effort by SEBI to recover money that these companies had illegally mobilised from people.
Swar Agrotech, Raghav Capital, and 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 issue of securities without complying with public issue norms.
Interested parties may inspect the properties during November 12-16, SEBI said.