Tightening its stand on the huge conglomerate of companies, capital markets regulator SEBI said it will auction 10 properties of the accused company on November 30 to recover money raised illegally by the firms from the public.
Names of these four firms
1. Bishal Abasan India Ltd. 2. Bishal Distillers Ltd. 3. Bishal Agri-Bio Industries Ltd. and 4. Bishal Horticulture & Animal Projects Ltd.
The 10 properties placed in the block are vacant land and one residential property located in West Bengal. The total reserve price of these properties has been pegged at Rs 14.4 crore, the Securities and Exchange Board of India (SEBI) said in a notice.
Inviting bids for sale of recovery proceedings against the companies and its promoters/ directors, SEBI said that the auction of properties will be conducted on November 30 during 10.30 am to 12.30 pm through online mode.
Adroit Technical Services Pvt. Ltd. has been engaged by the regulator to assist in the e-auction.
The regulator has asked the bidders to conduct their own independent inquiry into the encumbrances, title and claims of the properties put up for auction before submitting their bids.
According to the regulator, the four firms had raised funds by issuing redeemable preference shares (RPS) to over 49 individuals without complying with the public issue norms.
While Bishal Distillers raised Rs 4 crore, Bishal Agri-Bio Industries and Bishal Horticulture and Animal Projects raised Rs 3 crore and Rs 2.84 crore, respectively.
Funds were raised by firms between 2006-2014
In addition, Bishal Abasan India raised Rs 2.75 crore between 2011-12 by allocating RPS, besides Rs 89 crore between 2012-14 by issuing non-convertible debentures (NCDs).
(with PTI input)
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