SEBI to auc­tion prop­er­ties of 4 com­pa­nies

Sets re­serve price at ₹5 crore; move is aimed at re­cov­er­ing in­vestors’ money

The Hindu Business Line - - MARKET WATCH -

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.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.