The logo of the Securities and Exchange Board of India (SEBI) is painted on the premises of its headquarters in Mumbai. , Photo Credit: Reuters
Markets regulator SEBI on March 13 said it will auction 66 properties of the Saradha Group on April 11, 2023, at a reserve price of ₹32 crore, to recover money raised from the public through illegal schemes by the firm. .
The Securities and Exchange Board of India (SEBI) has said in a notice that the properties going under the hammer include land parcels located in West Bengal.
The regulator said that the e-auction will be conducted on April 11, 2023 between 11:00 am to 1:00 pm. The total reserve price of these properties is estimated to be around Rs 32 crore.
SEBI has appointed Quikr Realty to assist in the sale of the properties and C1 India as the e-auction provider.
The development came after the Calcutta High Court passed an order in June 2022, under which it directed Sebi to go ahead with the auction of properties of Saradha group companies. The entire exercise was directed to be completed within three months.
The Saradha Group, a consortium of over 239 private companies, allegedly operated chit funds in West Bengal, Assam and Odisha and raised nearly ₹4,000 crore from 1.7 million depositors before collapsing in April 2013.
As per the notice, the regulator said that bidders, before submitting their bids, should make their own independent inquiries regarding encumbrances, litigations, attachments and acquisition of liens of the property put up for auction.
“The buyer will participate in the e-Auction on his own behalf and no third party intervention like authorized agent/representative will be allowed. The successful bidder will bear the charges/fees payable for transfer of the property in his name. All taxes will be borne by the buyer. shall be borne,” said the notice.
In September 2022, the regulator said it would auction 69 properties of Saradha group companies on November 1 at a reserve price of ₹30 crore.