These companies had raised money from investors without meeting regulatory standards. | Photo: Shutterstock
Capital market regulator Sebi on Monday said it will auction 15 properties of Mangalam Agro Products, Sumangal Industries and Falkon Industries India on November 19.
The move is part of Sebi’s efforts to recover the money raised by these companies from investors violating norms.
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Ravi Kiran Realty India and Purusattam Infotech Industries are the two other companies whose properties will be auctioned by the market watchdog.
Properties that will go under the hammer, including apartments, structured land and plots, are in West Bengal and Odisha.
The properties will be auctioned with a reserve price of Rs 11.89 crore and the auction will be held online on November 19 from 11 am to 1 pm, the Securities and Exchange Board of India (Sebi) said in a notification.
Sebi has invited bids for sale of properties in the recovery proceedings against Mangalam Agro Products, Sumangal Industries, Falkon Industries India, Ravi Kiran Realty India and Purusattam Infotech Industries and their promoters/directors.
Furthermore, Quikr Realty has been engaged by the regulator to assist it with the auction.
Furthermore, Sebi advised the bidders to conduct their own independent investigations regarding the charges, suits, attachments, acquisition obligations of the property, ownership, claim/rights/rights etc. in respect of the properties offered for auction, before submitting their bid. .
Of the 15 properties on the market, seven are linked to Mangalam Agro Products, while three each are linked to Sumangal Industries and Falkon Industries India.
Also, one is owned by Ravi Kiran Realty India and Purusattam Infotech Industries, the market watchdog said in the notification.
These companies had raised money from investors without meeting regulatory standards.
As per Sebi’s previous orders, Mangalam Agro had raised Rs 11 crore from illegal issuance of secured non-convertible debentures (NCDs) to around 4,820 investors during 2011-12.
Sumangal had collected Rs 85 crore from investors through illegal collective investment schemes (CIS). Moreover, Ravi Kiran has raised funds by issuing RPS to 1,176 individuals.
Falkon Industries India Ltd (FIIL) had collected Rs 48.58 lakh by issuing redeemable preference shares to 714 persons in 2009-10.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)
First publication: October 15, 2024 | 9:54 PM IST