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Sebi to auction 30 properties of 7 companies in May 2024

Sebi on Monday said it will auction 30 properties of seven companies, including Mangalam Agro Products and Purusattam Infotech Industries, on May 15 to recover money illegally collected from investors. The properties will be auctioned for a reserve price of nearly Rs 25.64 crore.

The other companies, whose properties will also be auctioned, are Bishal Group of Companies, NVD Solar Ltd, Sun Plant Business, Sumangal Industries Ltd and Jivan Sathi Dream Projects.

Properties that will go under the hammer include land parcels, land with building structures and flats in West Bengal and Odisha. It will be auctioned at a reserve price of Rs 25.64 crore, according to a notice issued by the Securities and Exchange Board of India (Sebi).

Sebi invited bids for the sale of properties in the recovery proceedings against Mangalam Agro Products, Purusattam Infotech Industries, Jivan Sathi Dream Projects, Sun Plant Business, Bishal group, Sumangal Industries and NVD Solar, along with their promoters/ directors, it said.

The move is part of the markets watchdog’s effort to recover investors’ money.

Further, Adroit Technical Services has been engaged by the regulator to assist it in the sale of the properties.

Of the 30 properties being put on the block, 9 are linked to Mangalam Agro Products, 6 to the Bishal group of companies, five related to directors of NVD Solar, four of Sun Plant Business Ltd, and three properties of Sumangal Industries.

In addition, there are two properties related to Jivan Sathi Dream Projects and one of Purusattam Infotech Industries.

The regulator said the auction will be conducted online on May 15 from 11 am to 1 pm.

Sebi 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 mobilised money from investors without complying with regulatory norms.

Mangalam Agro had raised Rs 11 crore from illegal issuance of secured non-convertible debentures (NCDs) to around 4,820 investors during 2011-2012, while Sun Plant Business had collected Rs 4.17 crore from 2005 to 2008.

Bishal Distillers had raised funds to the tune of Rs 4 crore, Bishal Agri-Bio Industries and Bishal Horticulture and Animal Projects mobilised Rs 3 crore and Rs 2.84 crore, respectively. The funds were mobilised by the firms between 2006-2014.

Also, Bishal Abasan India raised Rs 2.75 crore during 2011-12, apart from mopping up Rs 89 crore through issuance of NCDs in 2012-14.

NVD Solar had raised Rs 595 crore through the issuance of fresh equity shares to more than 1 lakh entities during 2012-13 without complying with the regulatory provisions applicable for a public issue.

Sumangal had collected Rs 85 crore from investors through illegal collective investment schemes (CIS).

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