Markets regulator, Securities and Exchange Board of India (SEBI) on Wednesday invited bids through e-auction platform for sale of immovable properties in recovery proceedings against Sun Plant Agro, Sun Plant Business, Remac Realty and their directors .
Market watchdog will conduct e-auction of 15 properties of these three firms on May 11. Reserve prices on properties range from from 19 lakhs 1.7 crores.
Of the total 15 properties, nine are owned by Sun Plant Business, four by Sun Plant Agro and the remaining two by Remac Realty.
According to SEBIAccording to the statement, the request for inspection of properties is scheduled before April 18, while the inspection is scheduled to be done from April 21 and 22. The regulator has asked the bidders to submit their EMD on or before May 5, 2022. pm
Whereas the e-auction will be done on May 11 between 10.30 am to 12.30 pm. There is a time extension of 5 minutes till the sale ends on the day of e-auction.
Adroit Technical Services has been appointed as the e-auction service provider and the online registration and e-auction will be conducted through www.adroitvaluations.com.
SEBI said that if a market leading bid (bid higher than the highest at the time) is received within the last five minutes of the closing time, the bidding time will be automatically extended by five minutes and if no bid exceeds If the last quoted highest bid is received within the said extended five minutes, the auction sale will automatically close at the end of the extended five minutes. Thus the bidding time will be extended for every five minutes till the auction is over.
Bidders can participate in the e-auction from anywhere. The interested bidders are required to fill the bidding form on the platform provided by the agency/service provider following the instructions contained therein, upload a copy of any valid photo identity/address proof and a copy of PAN card and Aadhar card.
Also, each property will be sold in a single lot and will not be sold below the prescribed reserve price.
It needs to be noted that attachment proceedings for recovery were initiated against Sun Plant Agro in December 2014 69.34 crore, thereafter for recovery of a separate attachment against Sun Plant business in December 2015 5.76 crores.
Both companies were charged with non-compliance. Between 2005 and 2008, Sun Plant Business collected 4.17 crore from 470 investors through issuance of preference shares (RPS), however, without adhering to the public issue norms. On the other hand, Sun Plant Agro is accused of running a Collective Investment Scheme (CIS) without the requisite approvals and registrations.
Whereas, Remac Realty came under SEBI’s radar in 2020 after the market regulator banned the company and its directors from securities market for at least four years for alleged fundraising activities through CIS without regulatory approval. Was. SEBI had directed the company to return the money to the investors.