Sebi auctions HBN Dairies properties, keeps reserve price at Rs 67.7 cr
The sale or auction will take place via online bidding, bidders can participate in the e-auction from anywhere: Sebi | Representative image
Capital markets regulator Sebi will auction eight properties of HBN Dairies & Allied Ltd next month for a reserve price of Rs 67.7 crore.
The move is part of Sebi’s bid to recover money raised by HBN Dairies through illegal collective investment schemes.
This came after the Supreme Court in its order dated May 14, 2024 allowed Sebi to sell the assets of HBN Dairies & Allied Ltd (HBN) with the active involvement of the liquidator.
The markets regulator initiated the asset sale process after HBN Dairies & Allied Ltd and its directors – Harmender Singh Sran, Amandeep Singh Sran, Manjeet Kaur Sran and Jasbeer Kaur – failed to repay investors’ money.
The properties that will go under the hammer include a multi-storey shopping mall, a hotel, plots and commercial shops, the Securities and Exchange Board of India (Sebi) said in a statement on Wednesday.
The properties were located in New Delhi, Punjab, Madhya Pradesh, Gujarat and Maharashtra and were auctioned for a reserve price of Rs 67.7 crore.
Quikr Realty has been roped in by Sebi to assist in the e-auction while C1 India has been appointed as the e-auction service provider, the regulator said in a notification.
According to the notice, the regulator must itself investigate the objections, lawsuits, attachments and liabilities relating to the acquisition of the properties before they submit their bid.
“Sale or auction will take place via online bidding. Bidders can participate in the e-auction from anywhere,” the regulator noted.
The markets regulator is inviting bids for the sale of real estate as part of the recovery proceedings against HBN Dairies & Allied Ltd and its directors.
Sebi said the auction will take place online on August 13 from 11am to 1pm.
The company had illegally mobilised Rs 1,136 crore from gullible investors through schemes involving purchase of cattle to make huge profits on sale of ghee.
By engaging in these activities, HBN Dairies & Allied violated legal standards.
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First print: Jul 11, 2024 | 4:30 PM IST