SEBI to Auction 19 Properties from Non-Compliant Companies in August

The Securities and Exchange Board of India (SEBI) will auction 19 properties linked to seven companies on August 12. This move is aimed at recovering money illegally collected from investors by these companies. The properties are located in West Bengal and Odisha, and the auction will be held online.

The Securities and Exchange Board of India (SEBI) announced an auction of 19 properties belonging to seven companies, including Mangalam Agro Products, Sun Plant Business Ltd, and Sumangal Industries, scheduled for August 12. This measure aims to recover money these firms illegally amassed from investors.

Other companies whose properties will be auctioned include Sunheaven Agro India, Ravi Kiran Realty India Ltd, Jivan Sathi Dream Projects, and Purusattam Infotech Industries. The properties, featuring structures like flats and land parcels, are situated in West Bengal and Odisha, with a reserve price set at Rs 20.74 crore.

SEBI stated the online auction would occur from 11 a.m. to 1 p.m. and advised bidders to independently verify any encumbrances or legal issues related to the properties. Prominent auction properties involve extensive illegal fund collection by companies such as Sumangal Industries, which amassed Rs 85 crore through illegal collective investment schemes.

(With inputs from agencies.)