Sebi to Auction Properties of Non-Compliant Companies

Sebi plans to auction 15 properties of Mangalam Agro Products and others to recover investor money collected improperly. The auction will occur on November 19, featuring properties in West Bengal and Odisha. Quikr Realty assists in this recovery effort. Bidders must conduct independent checks before participating.

The Securities and Exchange Board of India (Sebi) has announced an auction to take place on November 19, targeting 15 properties linked to Mangalam Agro Products, Sumangal Industries, and Falkon Industries India. This action aims to retrieve funds sourced improperly from investors.

The properties, which include flats, lands with structures, and parcels, are situated in West Bengal and Odisha. The auction, featuring a reserve price of Rs 11.89 crore, will be conducted online between 11 am and 1 pm.

Quikr Realty has been enlisted by the regulator to manage auction activities. Sebi has advised potential bidders to undertake independent investigations regarding any claims or legal issues related to the properties before proceeding with their bids.

(With inputs from agencies.)